July 7, 2025 14:58

The Plastics Industry Association (Plastics) welcomed President Donald Trump's signing of the One Big Beautiful Bill Act, a budget law that introduces major fiscal and social reforms, featuring tax cuts and larger deductions for companies, but also reductions in medical assistance, food subsidies for low-income households, and renewable energy support.

According to Matt Seaholm, president and CEO of Plastics, “this is a major win for the plastics industry. The package includes many pro-growth provisions we’ve advocated for—measures that promote long-term investment, encourage innovation, and provide the economic stability our industry needs to thrive. We commend President Trump, Majority Leader John Thune, and Speaker Mike Johnson for delivering on their commitment to U.S. manufacturing.”

Plastics highlights several provisions of the new budget law that are particularly relevant to the sector, including permanent deductibility of research and development expenses, permanent 100% bonus depreciation, preservation of the 21% corporate tax rate and interest deductibility, and expanded deduction and expensing opportunities for businesses.

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