en.Wedoany.com Report on Mar 27th, The American Chemistry Council (ACC) issued a statement expressing support for the Ensuring Better Interest Handling and Deductibility Act (EBITDA), which plans to adjust Section 163(j) of the Internal Revenue Code.
The tax bill was introduced in the Senate by Senators Capito, Blackburn, Cornyn, and Husted, and in the House of Representatives by Representatives Estes, Arrington, Buchanan, Feenstra, Hern, Kustoff, LaHood, Miller (W.Va.), Miller (Ohio), Moore, Moran, Smith, and Tenney. The legislation aims to restore a more accurate and investment-friendly method for calculating interest deductibility to enhance the competitiveness of the United States as a location for manufacturing and borrowing capital.
The American Chemistry Council stated: "This legislation addresses the changes to Section 163(j) enacted in the One Big Beautiful Act, which excluded certain international income from calculations. Excluding this income undermines pro-growth tax principles and makes borrowing more expensive for global companies in the United States. This weakens our competitiveness at a time when we should be encouraging more domestic investment, not less."
The Council noted that the U.S. chemical industry is one of the more capital-intensive sectors in the economy, relying on long-term financing to build facilities, expand production, and deploy technology. When tax policies increase the cost of borrowing in the U.S., it can drive investment and jobs to other countries. The United States has historically been a preferred location for corporate borrowing, and this advantage should be protected.
The legislation would align with the pro-growth agenda of the One Big Beautiful Act, allowing businesses to borrow, invest in the United States, and continue to grow. This change is important for maintaining America's position in manufacturing and innovation.
The American Chemistry Council concluded: "Modernizing Section 163(j) is a practical, pro-growth solution that will help ensure the United States remains a competitive place to build and expand chemical manufacturing. ACC appreciates the leadership of these Senators and Representatives and looks forward to working with Congress to advance this critical legislation."
