On Tuesday, Peter Huntsman, President and CEO of Huntsman Corporation, attended and provided witness testimony to The United States Senate Committee on Finance Hearing, titled, “American Made: Growing U.S. Manufacturing Through the Tax Code.”
In his testimony, Mr. Huntsman stated that tax policy should support initiatives that promote the production of “…chemicals and materials needed to reduce energy consumption”, and referenced MDI, a chemical that is used to produce spray foam insulation.
“Tax policy should be calibrated to increase production of the very chemicals and materials needed to reduce energy consumption. MDI, made by Huntsman, is a great example of this. MDI is used to make spray foam insulation. This building material reduces energy consumption by as much as 50%. Huntsman was pleased to work with Senators Hassan and Collins on legislation that updated the energy-efficient home improvement tax credit to be sure we capture the energy conservation benefits of spray foam.” – Peter Huntsman
Spray foam insulation is an energy-efficient material that is known for its properties that minimize overall energy consumption, thus reducing emissions. This is because it creates an airtight seal that prevents air leaks and heat transfer through walls, ceilings, and floors.
Tax credits encourage American innovation, especially in energy-efficient building materials. They encourage companies to invest in research and development, bring new technologies to market, help meet energy efficiency goals, reduce energy consumption, lower utility bills, benefit the environment, and drive economic growth for Americans across the nation.