Government, Press Release, Regulation

Senate introduced Renewable Chems Tax Incentive Law

The Biotechnology Industry Organization (BIO) today announced that Senators Stabenow (D-MI), Coons (D-DE) and Franken (D-MN) has introduced S. 2271, the Renewable Chemicals Act of 2015, a bill to amend the Internal Revenue Code of 1986 to provide credits for the production of renewable chemicals and investments in renewable chemical production facilities.

S. 2271 would create a targeted, short-term tax credit of 15 cents per pound for production of eligible renewable chemicals from biomass feedstock. In lieu of the production tax credit, producers could elect to take a 30% investment tax credit for qualified investments for new renewable chemical production facilities. The companion bill in the House is H.R.3390.

“Creating incentives in tax policy will help drive U.S. industrial biotech companies to continue to innovate and develop new renewable products in the chemical space. Incentives that support renewable chemicals will promote enhanced innovation in the chemical industry, the construction of next generation integrated biorefineries while creating new jobs and enhancing environmental benefits. -Brent Erickson, Executive Vice President of BIO’s Industrial & Environmental Section.

“We thank Senator Stabenow for her leadership in support of initiatives that help grow the bio-based economy and boost the agriculture and manufacturing sectors in America. This legislation will allow U.S. companies to better compete in a rapidly growing global chemicals market.”

About Doris de Guzman

Will Green Chemistry save the world or is it hype? Doris de Guzman examines alternative processing, new technology, R&D and other sustainability initiatives aimed at preventing pollution; replacing ingredients; and using renewable feedstocks in Green Chemistry. She has been covering the oleochemicals market for 15 years and spread her beat to inorganics, biofuels and green chemistry.

Discussion

2 Responses to “Senate introduced Renewable Chems Tax Incentive Law”

  1. Will this be on top of the subsidy already given to bio-ethanol from corn and other bio sources?

    Posted by skhungar | November 11, 2015, 8:04 pm

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