BIO Submits Testimony for Hearing on Recently Expired Tax Credits

March 14, 2018

WASHINGTON–(BUSINESS WIRE)–The Biotechnology Innovation Organization today submitted written
testimony to the U.S. House Ways and Means Subcommittee on Tax Policy,
for the hearing “Post Tax Reform Evaluation of Recently Expired Tax
Provisions.”

BIO’s testimony asks the committee to provide a seamless 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, which Congress recently
extended retroactively for 2017 but are currently expired.

“Ensuring further growth in the advanced and cellulosic biofuels
industry will require additional support and greater policy certainty
going forward. As such, we encourage Congress to advance a multi-year
extension of advanced biofuel tax incentives,” BIO’s testimony states.
“Allowing these tax credits to expire in the near term would be
premature, and would significantly limit the growth in the domestic
advanced and cellulosic biofuels industry and undermine all the positive
contributions the industry has made to national security, the economy,
and the environment to date.”

BIO also encouraged the committee to provide parity for biofuels and
renewable chemicals in the Master Limited Partnership structures and tax
incentives for renewable chemical production, by advancing the
bipartisan Renewable Chemicals Act of 2017 (H.R. 3149/S. 1980) and
Master Limited Partnerships Parity Act (H.R. 4118/ S. 2005).

“An investment in renewable chemicals will pay strong dividends in the
future of U.S. chemical manufacturing while advancing the goals of
quality domestic job creation and domestic advanced manufacturing,
improved trade balance, and maintaining U.S. leadership in clean energy
and manufacturing technologies,” BIO’s testimony states.

A copy of BIO’s written testimony is available at https://www.bio.org/letters-testimony-comments/bio-written-testimony-house-ways-and-means-hearing-expired-tax-provisions.

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
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