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BIO, Member Companies Thank Sponsors of Renewable Chemicals Tax Credit

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BIO and 38 member companies and organization today wrote a letter of thanks to Reps. Bill Pascrell (D-N.J.), Steve Stockman (R-Texas), and others who sponsored the Qualifying Renewable Chemical Production Tax Credit of 2013.</p>

The Biotechnology Industry Organization (BIO) and executives from 38 renewable chemical companies today wrote to Reps. Bill Pascrell (D-N.J.), Steve Stockman (R-Texas), Allyson Schwartz (D-Pa.), Linda Sanchez (D-Calif.) and Richard Neal (D-Mass.), 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.

In the letter, the renewable chemical companies write:

“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 U.S. chemical manufacturing, improve trade balance, maintain U.S. leadership in clean energy and manufacturing, create thousands of high quality U.S. 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.”

BIO and its members conclude the letter by saying:

“Production tax credits are currently offered to incumbent fossil energy industries and other U.S. 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 United States as other nations offer more attractive investment incentives.”