WASHINGTON, D.C. (August 6, 2007) – The Biotechnology Industry Organization (BIO) today expressed thanks to the U.S. House of Representatives, particularly Speaker Nancy Pelosi (D-Calif.), Ways and Means Committee Chairman Charles Rangel (D-N.Y.) and Energy and Commerce Committee Chairman John Dingell (D-Mich.), for passage of the “New Direction for Energy Independence, National Security, and Consumer Protection Act” containing the “Renewable Energy and Energy Conservation Tax Act of 2007.”
“The Cellulosic Alcohol Fuel Producer Credit contained in this important legislation will provide critical assistance to pioneer cellulosic ethanol producers who are in the early stages of bringing novel biofuels to market,” said BIO President and CEO Jim Greenwood. “Importantly, the credit will encourage increased private investment in construction of new biorefineries, greatly accelerating the United States’ move towards greater energy independence.
“Like any new technology, cellulosic ethanol production represents greater risk for investors compared to established transportation fuel technologies. The Cellulosic Alcohol Fuel Producer Credit will allow cellulosic biofuels to compete with existing transportation fuels on a per gallon cost basis during market introduction, making the fuel an attractive option for consumers, fuel retailers, and investors.
“With advances in industrial biotechnology that make cellulosic ethanol a viable commercial opportunity, innovative companies around the country are planning to build new commercial-scale biorefineries. BIO has long advocated a tax incentive to help these pioneer producers attract strong investment and overcome the increased risk associated with bringing cellulosic biofuels to the pump.”
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and 31 other nations. BIO members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the annual BIO International Convention, the global event for biotechnology. www.bio.org
Upcoming BIO Events
BIO Mid-America VentureForum 2007
Sep. 24–26, 2007
BIO InvestorForum 2007
Oct. 9-11, 2007
San Francisco, Calif.
Pacific Rim Summit on Industrial Biotechnology and Bioenergy
Nov. 14–16, 2007
BIO International Convention
June 17–20, 2008
San Diego, Calif.