BIO Thanks Sens. Baucus, Hatch, Senate Finance Committee for Extending Tax Policy That Drives Innovation
Washington, D.C. (Aug. 2, 2012) –The Biotechnology Industry Organization (BIO) today thanked Sens. Max Baucus (D-Mont.) and Orrin Hatch (R-Utah) and members of the Senate Finance Committee for including the Cellulosic Biofuels Producer Tax Credit (PTC), the Accelerated Depreciation Allowance for Cellulosic Biofuel Plant Property, adding algae biofuels in the tax extenders package, and extending the R&D tax credit for two years.
BIO’s President and CEO Jim Greenwood made the following statement:
“Tax policy should be focused on driving innovation to reduce our dependence on foreign oil, lower gas prices, and create high quality U.S. based career opportunities. Perhaps more than any other investment, biorefineries can help achieve these objectives by leveraging U.S. biotech innovation and agricultural productivity to revitalize domestic manufacturing.
“Advanced biofuel and renewable chemicals tax credits drive innovation while leveling the playing field forU.S. companies and ensuring these American-born technology innovations are deployed here at home.
“U.S. tax policy should support the full range of biorefinery opportunities – biofuels, biobased products, and renewable chemicals – and extending the tax credits helps to do just that. Producing affordable domestic alternatives to all products that come from foreign oil is vital to renewed economic growth and energy security. These tax credits give companies that are innovating a stable policy to bring commercial-scale alternatives to the market.
“By extending the cellulosic biofuels producer tax credit and accelerated depreciation allowance for cellulosic biofuel plant property, and by adding algae-based biofuels to these two sections of the code, this proposal sends an important signal to investors that Congress continues to support the key role these technologies must play in securing our energy future.
“Furthermore, BIO strongly supports the provisions of the package which would extend the valuable R&D tax credit for two years. Like others, BIO has consistently urged that this credit be made permanent, and we will continue to work toward this goal."