Plastics Industry Association (PLASTICS) Applauds R&D and Bonus Depreciation Provisions in House Ways and Means Growth Package, Urges Passage

June 12, 2023

Washington D.C.—The Plastics Industry Association (PLASTICS) applauds Chairman Jason Smith (R-MO) for introducing H.R. 3938, the Build It in America Act, as part of the House Ways and Means growth package and urges the inclusion and passage of key provisions that will positively impact the plastics industry.

H.R. 3938 includes a four-year delay in R&D amortization, making it easier for plastics manufacturers to create jobs while encouraging innovation by expanding research and development (R&D) investments. The legislation also promotes manufacturing jobs along the entire plastics value chain by extending 100 percent bonus depreciation for the purchase of new equipment.

“The provisions, included in the Build It in America Act, are important steps towards increasing R&D investments and manufacturing capacity to help the plastics industry create more jobs, innovate, and engineer new ways to make plastic even more sustainable,” said Matt Seaholm, PLASTICS’ President and CEO. “Now it’s time for Congress to step up, set aside partisan differences and protect the American worker and American manufacturing by including these provisions, which will have a major impact on our industry and economy.”

The Plastics Industry Association (PLASTICS) is the only organization that supports the entire plastics supply chain, including Equipment Suppliers, Material Suppliers, Processors and Recyclers, representing over one million workers in our $468 billion U.S. industry. PLASTICS advances the priorities of our members who are dedicated to investing in technologies that improve capabilities and advances in recycling and sustainability and providing essential products that allow for the protection and safety of our lives. Since 1937, PLASTICS has been working to make its members, and the sixth largest U.S. manufacturing industry, more globally competitive while supporting circularity through educational initiatives, industry-leading insights and events, convening opportunities and policy advocacy, including the largest plastics trade show in the Americas, NPE2024: The Plastics Show