WASHINGTON, DC / ACCESSWIRE / February 2, 2024 / Today, Fragrance Creators Association (Fragrance Creators) issued the following statement after Farah K. Ahmed, Fragrance Creators’ President and CEO, wrote Senate leadership urging them to quickly pass the Tax Relief for American Families and Workers Act:
"The bipartisan Tax Relief for American Families and Workers Act will expand and enhance dollar-for-dollar expensing of research and development (R&D) and ensure that the American fragrance industry remains competitive. We were pleased to see the House overwhelmingly pass this bill and are hopeful the same spirit of bipartisanship will lead to swift passage of this essential legislation when it comes before the U.S. Senate.
"Our members have invested heavily in R&D to develop new products, design sustainable manufacturing processes, create jobs, and contribute tens of billions of dollars to the U.S. economy. Losing the ability to fully expense R&D costs in the year they are incurred has resulted in increased costs of investment and has discouraged innovation.
"That is why Fragrance Creators has urged Congress to retroactively restore full current year R&D expensing and has done so again today through a letter to Senate leadership. We look forward to continuing to work with Congress as they pass the Tax Relief for American Families and Workers Act, which will help the fragrance industry remain globally competitive while sustainably investing to create the next generation of fragrance products."
Fragrance Creators Association is the trade association representing the majority of fragrance manufacturing in North America. We also represent fragrance-related interests along the value chain. Fragrance Creators’ member companies are diverse, including large, medium, and small-sized companies that create, manufacture, and use fragrances and scents for home care, personal care, home design, fine fragrance, and industrial and institutional products, as well as those that supply fragrance ingredients, including natural extracts and other raw materials that are used in perfumery and fragrance mixtures. Fragrance Creators established and administers the Congressional Fragrance Caucus, ensuring ongoing dialogue with members of Congress and staff. Fragrance Creators also produces The Fragrance Conservatory, the comprehensive digital resource for high-quality information about fragrance-www.fragranceconservatory.com. Learn more about Fragrance Creators at fragrancecreators.org-for people, perfume, and the planet.
SOURCE: Fragrance Creators Association
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