The most sweeping overhaul of the U.S. tax code in 31 years was signed into law by President Donald J. Trump on Dec. 22, 2017.

The bill (H.R. 1) includes a number of provisions long sought by the chemical industry, such as slashing the corporate tax rate from the current 35% to 21% and taxing U.S.-based multinationals only on their domestic income. The House of Representatives passed it on a vote of 224-201.

“After decades enduring an outdated tax code that made U.S. businesses less competitive, our nation will soon have a modernized tax structure that promotes sustained American economic growth and new jobs,” says the American Chemistry Council, which lobbies on behalf of U.S. chemical manufacturers.

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