STATEMENT

Contact: Tracy Cullen
(202) 974-5282
Email: tcullen@plasticsindustry.org

SPI APPLAUDS HOUSE PASSAGE OF MEAURES SUPPORTING OFFSHORE DRILLING, R&D TAX CREDIT AND FOOD CONTACT NOTIFICATION PROGRAM

109th Congressional Session Closes with Boosts to Competitiveness Long Sought by U.S. Plastics Industry

WASHINGTON, D.C. (December 8, 2006) – Today, by a vote of 367-45, the U.S. House of Representatives passed the Tax Relief and Health Care Act of 2006 (H.R. 6111), a bill that includes two measures that the U.S. plastics industry has long supported: the Senate's energy bill (S. 3711) to open more of the Gulf of Mexico to offshore drilling for natural gas, and the extension and strengthening of the research and development (R&D) tax credit. In addition, the House passed a continuing resolution that funds operations for most federal agencies until Feb. 15, 2007, including the Food and Drug Administration's Food Contact Notification Program.

William R. Carteaux, president of the Society of the Plastics Industry, Inc., issued the following statement:

"With two outs and two strikes against it in the bottom of the ninth inning, the U.S. House of Representatives today stepped up to the plate and got timely, much-needed hits that could potentially score three runs for the U.S. plastics industry: Increased access to offshore natural gas resources to help alleviate a damaging energy crunch, the extension and strengthening of a research tax credit that is essential for sparking innovation, and the restoration of funding for a Food Contact Notification Program critical to manufacturers seeking clearances for new materials. I am hopeful that the Senate will now do its part to round the bases and bring these measures safely home.

"On behalf of SPI's 1,100 member companies, I want to thank the House of Representatives, particularly the Joint Committee on Taxation and the Ways and Means, Appropriations and Resources Committees, for passing the Tax Relief and Health Care Act of 2006 and the continuing appropriations resolution prior to the close of its 109th session. Spanning energy, taxes, and food safety, what these measures have in common is the boost they provide to the U.S. plastics industry's competitiveness in the global marketplace. The high cost of natural gas, the exorbitant price of doing critical research and development as compared to other countries, and regulatory obstacles blocking products from the marketplace all put our industry at a competitive disadvantage. Thank you, Representatives, for understanding that it is difficult for U.S. plastics companies to compete with companies in countries where the cost of doing business is significantly lower.

"Within moments of the House actions today, SPI, along with our members across the country, quickly turned our attention to working with Senate leaders to ensure that this much-needed legislation becomes reality. While there is not a moment to spare, I am confident that the 109th Congress will close on a positive note that leaves the U.S. plastics industry—the fourth largest manufacturing industry in the nation—on a more level playing field with its competitors around the world."

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Founded in 1937, The Society of the Plastics Industry, Inc., is the trade association representing one of the largest manufacturing industries in the United States. SPI's members represent the entire plastics industry supply chain, including processors, machinery and equipment manufacturers and raw materials suppliers. The U.S. plastics industry employs 1.3 million workers and provides nearly $345 billion in annual shipments.

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