WASHINGTON, May 6, 2014 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today announced its support of H.R. 4438, legislation introduced by U.S. Representative Kevin Brady (R-TX) that would make permanent the Research and Development (R&D) tax credit, ending a 33-year cycle of short-term extensions. The U.S. House of Representatives is scheduled to vote on the bill Wednesday, May 7, 2014. SOCMA's Vice President of Government and Public Relations, William Allmond, issued the following statement:
"Innovation is at the core of the specialty chemical industry, and few things stymie innovation faster than uncertainty. Over the years, SOCMA members have been at the mercy of a lapse-and-extend process surrounding the R&D tax credit. H.R. 4438 would put an end to this unfortunate reoccurrence and help give specialty chemical manufacturers the opportunity to more effectively plan and conduct R&D projects. A strengthened and permanent R&D tax credit will give our industry the confidence it needs to move forward on groundbreaking projects that will help keep SOCMA members at the forefront of innovation and on par with global competition. We are pleased with the House leadership's efforts to move forward on this important legislation."
The full text of H.R. 4438 is available here.
SOCMA is the only U.S.-based trade association dedicated solely to the batch, custom and specialty chemical industry. Since 1921, we have represented a diverse membership of small, medium and large chemical companies, making us the leading authority on this sector. SOCMA has a global membership of 220 companies, which employ more than 46,000 workers in the U.S. alone. Visit www.socma.com
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SOURCE Society of Chemical Manufacturers and Affiliates