Washington D.C.— The Plastics Industry Association (PLASTICS) applauds the introduction of the “American Innovation and R&D Competitiveness Act,” H.R. 368 sponsored by Congressman Ron Estes (R-KS) and Congressman John Larson (D-CT) and the “American Innovation and Jobs Act,” S. 866, sponsored by Senators Maggie Hassan (D-NH) and Todd Young (R-IN) which was introduced on March 16, 2023. The following statements are in response to both bipartisan bills, which will repeal the amortization requirement for R&D expenses retroactively to January 1, 2022, making it easier for plastics manufacturers to create jobs while encouraging innovation by expanding research and development (R&D) investments:
“Supporting and encouraging R&D investments will create jobs for small businesses, especially in STEM fields which are critical positions to the plastics industry,” said Matt Seaholm PLASTICS’ President and CEO. “Every day our members innovate and engineer ways to make plastics more sustainable and this legislation will ensure that innovation, keeping plastics in the circular economy and not in the environment.”
“R&D investments are vital to businesses, like Bekum America Corporation, that rely on highly skilled workers and innovation,” said Steven London President and COO of Bekum America Corporation. “It’s time for Congress to repeal the amortization requirement so that the plastics industry can continue to invest in our communities, manufacture essential products and remain competitive.”
“Under the current tax law, our small family-owned business will have to limit growth and face difficult decisions when it comes to innovating,” said Westminster Tool’s CFO, Colby Coombs. “Supporting full expensing R&D will give us the ability to compete, create more jobs, improve our products, and develop our manufacturing processes for the medical device industry.
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.