If passed, the legislation would amend the Internal Revenue Code of 1986 to provide credits for the production of renewable chemicals and investments in renewable chemical production facilities. The companion bill in the House is H.R. 3390.<\/p>\n
According to the Biotechnology Industry Organization (BIO) the Renewable Chemicals Act would create a targeted, short-term tax credit of 15 cents per pound for production of eligible renewable chemicals from produced from biomass-based feedstocks. Instead of the production tax credit that is currently in place, producers could choose to take a 30 percent investment tax credit for qualified investments for new renewable chemical production facilities.<\/p>\n
Brent Erickson, executive vice president of BIO\u2019s Industrial & Environmental Section, said in response to the legislation, \u201cCreating 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.\u201d<\/p>\n
\u201cWe 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,\u201d Erickson continued. \u201cThis legislation will allow U.S. companies to better compete in a rapidly growing global chemicals market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
If passed, the legislation would amend the Internal Revenue Code of 1986 to provide credits for the production of renewable chemicals and investments in renewable chemical production facilities. The companion bill in the House is H.R. 3390. According to the Biotechnology Industry Organization (BIO) the Renewable Chemicals Act would create a targeted, short-term tax credit […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","nova_meta_subtitle":"","footnotes":""},"categories":[5572],"tags":[10563],"supplier":[2194],"class_list":["post-30211","post","type-post","status-publish","format-standard","hentry","category-bio-based","tag-renewable","supplier-biotechnology-innovation-organization-bio"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/30211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=30211"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/30211\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=30211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=30211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=30211"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=30211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}