Washington, DC (October 18, 2016) – The Biotechnology Innovation Organization (BIO) today sent a letter to Congressional Leadership, the Senate Finance Committee Chairs, and the House Ways and Means Committee Chairs calling for the extension of renewable energy tax credits slated to expire at the end of 2016. In its letter, BIO urges Congress to advance a multi-year extension of the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, and the Alternative Fuel Vehicle Refueling Property.
Brent Erickson, Executive Vice President of the Industrial and Environmental section at BIO, released the following statement:
“Sustained financial incentives from the U.S. Government are very important to emerging technologies that have not yet achieved commercial scale. The extension of these tax credits will continue to support the scale-up of second generation biofuels by supplying companies with the necessary capital and assurance needed to move into the next stage of commercial development – construction of cutting edge biorefineries.
“Advanced biofuel tax credits drive innovation while leveling the playing field for U.S. companies in the international marketplace. These tax credits foster American-born technology innovations and help keep them here at home.”
“The advanced biofuel sector is driving innovation to reduce our dependence on foreign oil, lower gas prices, and create high quality U.S. based career opportunities. Perhaps more than any other investment, biorefineries can help achieve these objectives by leveraging U.S. biotech innovation and agricultural productivity to revitalize domestic manufacturing.”