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:
