The Biotechnology Industry Organization (BIO) today submitted a statement for the record to the House Ways and Means Subcommittee on Select Revenue Measures for a hearing on “Certain Expiring Tax Provisions”:
BIO President & CEO Jim Greenwood wrote in the testimony, “Sustained supportive tax policy is very important to emerging technologies that have not yet achieved commercial scale, and should be targeted at those technologies with the greatest potential to create the jobs, economic growth, energy security and environmental benefits we seek as a nation. Emerging technologies in advanced biofuels, renewable chemicals, and biobased products have tremendous potential to address the nation’s challenges and are ready for commercial deployment, but simply cannot secure needed capital for first-of-a-kind biorefinery construction without government support. We urge you to extend provisions that support the scale-up of these important technologies.”
BIO also thanked Rep. Brian Bilbray (R-Calif.) for his statement to the committee supporting tax parity for advanced biofuel and biorefinery technologies. BIO’s submitted statement emphasized that algae biofuels and renewable chemicals provide public benefits similar to those provided by cellulosic biofuels in terms of job creation, energy security, and environmental profile. Tax policy can clear the path for their rapid commercialization.