FOR IMMEDIATE RELEASE
February 1, 2024
SOCMA Applauds House Passage of Tax Relief for American Families and Workers Act of 2024, Urges Swift Passage in Senate
Arlington, VA – The Society of Chemical Manufacturers and Affiliates (SOCMA) applauds the passage of the Tax Relief for American Families and Workers Act of 2024 by the House of Representatives. The legislation provides significant potential to bolster economic growth and support the health of the specialty chemical industry.
The legislation would permit research & development (R&D) deductions to be applied the year they are incurred. For tax years after December 31, 2021, and before January 1, 2026, companies will be permitted to extend 100% ‘bonus’ depreciation for qualified property placed in service the same year instead of the current five-year amortization period.
“SOCMA implores the Senate to pass the integral Tax Relief for American Families and Workers Act of 2024, which provides substantial growth opportunities for small and medium size businesses” said Robert F. Helminiak, SOCMA Vice President of Legal and Government Relations. “By enacting these much-needed reforms, we can strengthen domestic supply chains, uplift American manufacturing, and empower specialty chemical manufacturers to innovate new chemistries that are vital to the US economy.”
Solely dedicated to the specialty and fine chemical industry, the Society of Chemical Manufacturers & Affiliates® (SOCMA) builds commercial connections, supports safe manufacturing and operations, and advocates for regulatory and legislative policies for the batch and specialty chemical sector. Our members play an indispensable role in the global chemical supply chain, providing specialty chemicals and services to vital markets ranging from aerospace and electronics to pharmaceuticals and agriculture. For more information on the association, visit https://www.socma.org.