Renewable chemicals industry needs production tax credit

24 April 2013 05:40  [Source: ICIS news]

CHICAGO (ICIS)--A tax credit for the production of biochemicals will provide a “levelled playing field” for the industry among other renewable energy tax credits and oil and petroleum tax credits, a spokesman for the Biotechnology Industry Organization (BIO) said on Tuesday.

“We want to establish tax priority for the biotechnology applications across biofuels and renewable chemicals,” said Paul Winters, BIO’s director of communications.

“There’s been an existing tax credit for cellulosic biofuels that was extended last year to cover algae, but renewable chemicals have been left out, and it’s more of the same technology,” he told ICIS at the Bio International Convention.

Winters said other countries have these tax credits, and the technology was developed in the US, where resources are available to build an industry to create jobs and economic growth.

“We have essentially a choice between using the technology developed here to generate jobs or to allow other countries to develop those jobs with our technology,” he said.

The Bio International Convention runs through Thursday.

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By: Tracy Dang
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