SOCMA: U.S. should urgently adopt R&D tax credit for manufacturers

09/21/2010 | In-PharmaTechnologist.com

The Senate last week voted down a bill intended to make research-and-development tax credits a permanent component of the federal budget. That decision may affect the competitiveness of the U.S. chemical and manufacturing industries, "and we're concerned that offsetting revenue collections would negatively impact chemical manufacturers," said Lawrence Sloan, CEO of the Society of Chemical Manufacturers and Affiliates. However, even if the tax plan can be reintroduced, "Congress should act sooner rather than later to support manufacturing," Sloan added.

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