Tax law to save chemical companies money

Less than a month after the Tax Cuts & Jobs Act landed on President Trump’s desk for signature, chemical companies are starting to report benefits from the lower taxes. Polymer maker Covestro says it will record a one-time windfall of $100 million in 2017 due to the new rules. The German company says its overall tax bill will decline from 28% to 24% in 2017 and another one or two percentage points in 2018. The Thai firm Indorama cites the new “low-tax environment” as one reason it has decided to build a fiber plant in the U.S. The plant, a venture with Huvis Corp., will make low-melting materials used in the thermal bonding of composites. Large U.S. chemical firms will likely outline the impact of the law when they announce earnings in the coming weeks. A number of provisions of the tax bill should affect chemical companies. Firms will see