STATEMENT

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

SPI COMMENDS SENATE PASSAGE OF LEGISLATION SUPPORTING OFFSHORE DRILLING, R&D TAX CREDIT AND FOOD CONTACT NOTIFICATION PROGRAM

Senate Ends 109th Congressional Session on Positive Note for U.S. Plastics Industry Issues; Sends S. 6111 and Continuing Resolution to White House for President's Signature

WASHINGTON, D.C. (December 9, 2006) – By a vote of 79-9, the U.S. Senate passed the Tax Relief and Health Care Act of 2006 (S. 6111), a bill that includes two measures that the U.S. plastics industry has long supported: the lifting of the moratorium on offshore drilling for natural gas in the Gulf of Mexico, and the extension and strengthening of the research and development (R&D) tax credit. In addition, the Senate 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. These measures, which were passed by the House of Representatives on December 8, will now be sent to President Bush for his signature.

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

"By passing two pieces of much-needed legislation today, the U.S. Senate ended the 109th session of Congress with three victories 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 delighted by the outcome and eagerly await President Bush signing these bills into law.

"On behalf of SPI's 1,100 member companies and the U.S. plastics industry, I want to thank the Senate Leadership, particularly Senators Pete Domenici, Chuck Grassley and Max Baucus, for passing the Tax Relief and Health Care Act of 2006 (S. 6111) and the continuing resolution prior to the close of its 109th session. These measures include significant boosts to U.S. plastics manufacturers in the areas of energy, tax credits, and food safety that will assist them in an increasingly competitive global marketplace. Access to affordable natural gas—both as an energy source and as a feedstock—is a key component to continued viability of our industry. Likewise, the R&D Tax Credit is the most effective federal policy our nation has had to promote private research, and the jobs created by such research. Finally, the FDA's Food Contact Notification Program allows for the efficient introduction of new packaging materials into the market, while fully protecting public health.

"Thank you, Senators, for understanding that it is difficult for the U.S. plastics industry—the fourth largest manufacturing industry in the nation—to compete with companies in countries where the cost of doing business is significantly lower. While there is still work to be done, SPI and our members across the country have worked tirelessly to have the plastics industry story heard. Your positive actions today indicate that you are listening."

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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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