Stabenow Introduces Production Tax Credit for Renewable Chemicals
Wednesday, November 18, 2015
Posted by: Kate Oesterle
Last week, Senator Debbie Stabenow (D-MI) and co-sponsors Senators Chris Coons (D-DE) and Al Franken (D-MN) introduced S. 2271, a bill which would provide a production tax credit for new and innovative renewable chemicals or, in lieu thereof, an investment tax credit for renewable chemical production facilities.
BIO’s Industrial and Environmental (IES) and Federal Government Relations (FGR) staffs worked closely with these key Senate champions to ensure the re-introduction of this important renewable chemical bill that would provide tax credits to innovative renewable chemicals. The bill will encourage domestic production of a new generation of innovative renewable chemicals, bioplastics, and biobased products from biomass. It will accelerate commercialization of renewable chemicals and biobased products and, simultaneously, will create high paying jobs, reduce greenhouse gas emissions and mitigate toxic byproducts.
Earlier this year, BIO worked with Representatives Bill Pascrell (D-NJ), Mike Fitzpatrick (R-PA), and Richard Neal (D-MA) on the reintroduction of the bipartisan companion bill in the House of Representatives, H.R. 3390.
MichBio backs both bills and encourages our member companies to contact their Congressional representatives and ask that they support the legislation.