WASHINGTON, D.C. (June 20, 2007) – The Biotechnology Industry Organization (BIO) today applauded the introduction and consideration of the “Renewable Energy and Energy Conservation Tax Act of 2007” by the House Ways and Means Committee and Chairman Charles Rangel (D-N.Y.). The legislation, which is expected to be considered by the House of Representatives within the next week, would provide a tax credit for all producers of alcohol fuels from cellulosic biomass, encouraging rapid growth in production of cellulosic ethanol and other alternative fuels.
BIO President & CEO Jim Greenwood said, “This Congress has set ambitious goals to reduce U.S. reliance on imported oil and greenhouse gas emissions through increased use of clean, renewable biofuels. To produce the volumes of biofuels needed to achieve these goals, we must encourage construction of large-scale domestic biorefineries that utilize cellulosic feedstocks. This proposed legislation provides a first-of-its-kind incentive for biofuel producers to begin using cellulosic biomass.
“Innovative biofuels companies are right now beginning to take the technology from the laboratory to small-scale facilities and to begin production of cellulosic ethanol, using biomass sources from every part of the country – everything from crop residues in the Midwest to paper mill waste in the Northeast. BIO has long advocated a tax incentive such as that proposed today to help the pioneer producers overcome the increased risk associated with bringing cellulosic biofuels to the marketplace. BIO also advocates continued investment in research and development that includes construction of demonstration facilities, which is necessary to improve technologies to produce biofuels.”
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 world’s largest gathering of the biotechnology industry.
Upcoming BIO Events
BIO Mid-America VentureForum 2007
Sept. 24-26, 2007
BIO InvestorForum 2007
Oct. 9-11, 2007
San Francisco, Calif.
Pacific Rim Summit on Industrial Biotechnology and Bioenergy
Nov. 14-17, 2007