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Renewable chemical tax credits

Hydrocarbon Engineering,

The Biotechnology Industry Organisation (BIO) and executives from 38 renewable chemical companies wrote to Reps. Bill Pascrell, Steve Stockman, Allyson Schwartz, Linda Sanchez and Richard Neal, thanking them for sponsoring H.R. 3084, the Qualifying Renewable Chemical Production Tax Credit Act of 2013. The legislation provides renewable chemical producers access to production tax credits currently available to other energy producers.

Extracts from the letter

‘A production tax credit for renewable chemicals and biobased products will promote investment and domestic production of innovative renewable chemicals, pay strong dividends in the future of US chemical manufacturing, improve trade balance, maintain US leadership in clean energy and manufacturing, create thousands of high quality US jobs and reduce pressure on volatile petroleum prices. Federal policies that provide production incentives would help this emerging industry grow throughout the country, and secure America’s leadership in the important arena of green chemistry.’

‘Production tax credits are currently offered to incumbent fossil energy industries and other US energy sectors. As such, H.R. 3084 is critical to our efforts to attract capital. It will be increasingly difficult for our companies to develop projects in the US as other nations offer more attractive investment incentives.’

Adapted from a press release by Claira Lloyd.

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