BIO Applauds Senate Introduction of Renewable Chemicals Tax Credit

WASHINGTON–(BUSINESS WIRE)–#Delaware–The Biotechnology Innovation Organization (BIO) today thanked Senator
Debbie Stabenow (D-MI) and co-sponsors Sens. Tammy Baldwin (D-WI), Susan
Collins (R-ME), Chris Coons (D-DE), and Al Franken (D-MN) for
introducing the Renewable Chemicals Act of 2017 (S.1980). 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.

The Senate bill is companion legislation to H.R. 3149 – The Renewable
Chemicals Act of 2017, introduced in the House in June by Rep. Bill
Pascrell (D-NJ).

Brent Erickson, executive vice president of BIO’s Industrial &
Environmental Section, stated, “The Biotechnology Innovation
Organization and its members thank Senators Stabenow, Baldwin, Collins,
Coons and Franken for their staunch support of U.S. renewable chemical
companies. This new legislation will help U.S. companies compete in a
rapidly growing global renewable chemicals market, revitalize domestic
manufacturing, and create millions of new U.S. jobs.”

Stephen Rapundalo, President and CEO of MichBio, added, “Agriculture and
manufacturing are two of the biggest sectors in Michigan's economy. By
incentivizing biobased manufacturing, the Renewable Chemicals Act
introduced by Senator Stabenow can help companies revitalize the
manufacturing sector, generate new markets for agricultural producers,
and create new jobs.”

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 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 the United States.”

Mark Schweiker, Senior Vice President of Philadelphia area-based
Renmatix and former Pennsylvania Governor commented, “As many U.S.
Senators now know, there is growing momentum for the biobased industry
to commercialize cost-competitive pathways to bio-materials and
renewable chemicals. The economy-building potential of this bill is
tremendous and will stimulate the nascent U.S. renewable chemicals
market, especially in rural America.”

Mike Belliveau, Executive Director of Environmental Health Strategy
Center, from the state of Maine stated, “Demand for climate-friendly
biobased products is high because people want safer, sustainable
products. We have an emerging biobased manufacturing sector in Maine
that can generate good manufacturing jobs, use forest resources
sustainably, and revitalize our rural economy – if the right foundation
is laid. A level playing field in federal tax policy will encourage more
companies to replace fossil petroleum with renewable carbon in everyday
products.”

About BIO

BIO is the world's largest trade association representing 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. BIOtechNOW
is BIO's blog chronicling “innovations transforming our world” and the
BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe
to the BIO Newsletter.

Contacts

Biotechnology Innovation Organization (BIO)
Paul
Winters, 202-962-9237
Web: www.bio.org
Blog:
www.biotech-now.org
Twitter:
@IAmBiotech