New legislation will reduce taxes for U.S. producers of renewable chemicals, helping them to commercialize homegrown technology and build new biorefineries in the United States. The Biotechnology Industry Organization (BIO) today thanked Sen. Debbie Stabenow (D-Mich.) for introducing the Qualifying Renewable Chemical Production Tax Credit Act of 2013, which provides renewable chemical producers access to production tax credits currently available for other renewable energy producers.
Sen. Stabenow stated, “When we grow things here and make things here we create jobs here. These tax cuts for our domestic bio-based manufacturing companies will help spur innovation, grow the economy and create jobs across the country.”
BIO President & CEO Jim Greenwood stated, “Creating a level playing field in tax policy will help U.S. industrial biotech companies innovate and develop new products. Putting homegrown technologies to work will create high-quality rural jobs, spur economic growth, and improve environmental health. We thank Senator Stabenow for supporting innovation and helping U.S. companies compete in a rapidly growing global chemicals market.”
“We thank Senator Stabenow for her support of the bio-based economy,” said Bobby Bringi, Chief Executive Officer of MBI, a Michigan State University–affiliated not-for-profit company that collaborates with universities and companies to accelerate bio-based technologies to market. “Incentives that support bio-based chemicals will promote the viability of integrated biorefineries. Such initiatives ultimately help the agricultural, forestry, chemicals and transportation sectors, creating new jobs while enhancing environmental benefits.”
Hugh Welsh, President of DSM NA, headquartered in Parsippany, N.J., added, “We are grateful for Senator Stabenow’s continued leadership and vision on innovation, renewable chemicals and a U.S. manufacturing renaissance as reflected in her sponsorship of the Qualifying Renewable Chemical Production Tax Credit Act of 2013. This legislation will further support employment, economic growth and continue to encourage global companies like DSM to make additional investments in the United States.”
“Manufacturing powers America – and here’s our chance to extend its impact,” said Adam Monroe, President of Novozymes Americas. “We need a strong rural economy and companies who make cutting-edge specialty chemicals are growing it. Their work requires innovation, investment in new plants and rural communities, and new jobs for American workers. With Senator Stabenow’s bill, we can extend these benefits to our country’s growing manufacturing hubs.”
“Each society needs energy, liquid fuel and chemical feedstocks to power its economy. However, we need to lower the carbon intensity of the industrial production and transportation sectors. One significant way to accomplish this objective is to use renewable raw materials for the fuels and chemicals we need. We applaud Senator Stabenow for introducing the Qualifying Renewable Chemical Production Tax Credit Act of 2013. Providing renewable chemical producers access to tax credits available to other renewable energy industries will have a positive effect on our economy and our environment.” said Brett Lund, Executive Vice President of Gevo, Inc.
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling “innovations transforming our world.” Subscribe to BIOtechNOW.
Source: Biotechnology Industry Organization (BIO), press release, 2013-06-28.