BIO Applauds Bipartisan Introduction of Renewable Chemicals Tax Credit
The Biotechnology Innovation Organization (BIO) today thanked Rep. Bill Pascrell (D-NJ) and Reps. Ryan Costello (R-PA), Brian Fitzpatrick (R-PA) and Linda Sánchez (D-CA) for introducing the Renewable Chemicals Act of 2017. The legislation, if enacted, would create a targeted, short-term tax credit for production of qualifying renewable chemicals from biomass or investment in production facilities. Applicants for the tax credit would be evaluated on job creation, innovation, environmental benefits, commercial viability and contribution to U.S. energy independence.
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated, “The Biotechnology Innovation Organization and its members thank Representatives Pascrell, Costello, Fitzpatrick and Sanchez for supporting innovation and helping U.S. companies compete in a rapidly growing global renewable chemicals market. Industrial biotechnology is helping renewable chemical producers innovate, revitalize domestic manufacturing, and bring new energy efficient products to market. That in turn is creating millions of new jobs and opportunities for economic growth. This new legislation will help U.S. companies capture their fair share of worldwide growth in renewable chemical production.”
Mark Schweiker, Senior Vice President of Renmatix, located in King of Prussia, Pa., commented, “There is clear momentum for the biobased industry to commercialize cost-competitive pathways to bio-materials and renewable chemicals. This bill will help leverage a variety of under-utilized, non-food biomass in America for conversion into renewable materials. Stimulating the nascent U.S. renewable chemicals market will reinvigorate rural economies and create sustainable jobs.”
Hugh Welsh, President of DSM NA, headquartered in Parsippany, N.J., added, “We are grateful for Congressman Pascrell’s continued leadership and vision on innovation, renewable chemicals and a US manufacturing renaissance as reflected in his sponsorship of the Renewable Chemicals Act of 2017. This legislation will further support employment, economic growth and continue to encourage global companies like DSM to make additional investments in New Jersey and the entire United States.”