In Washington, Representatives Bill Pascrell (D-N.J.), Mike Fitzpatrick (R-PA), and Richard Neal (D-MA) introduced H.R. 3390, which provides renewable chemical producers access to production or investment tax credits currently available to other renewable energy producers. The production tax credit was the subject of a Digest column by Corinne Young and Michelle Jalbert of re:chem earlier this week, here.http://www.biofuelsdigest.com/bdigest/2015/07/26/the-time-is-ripe-for-a-renewable-chemical-production-tax-credit/
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated: “Federal policies that provide production or investment tax incentives for renewable chemicals will stimulate venture capital and domestic production of innovative renewable chemicals, pay strong dividends in the future of U.S. chemical manufacturing, improve trade balance, maintain U.S. leadership in biotechnology, clean tech and manufacturing, create thousands of high quality U.S. jobs and provide stability to volatile petroleum prices.
“By creating a level playing field in tax policy, U.S. industrial biotech companies can innovate and develop new renewable chemicals for the production of biobased products. Putting homegrown technologies to work will create high-quality rural jobs, spur economic growth, and will impact a cleaner environment. This bill will help us grow our emerging biobased economy. We thank Representatives Pascrell, Fitzpatrick, and Neal for supporting innovation and helping U.S. companies compete in a rapidly growing global chemicals market.”