BIO Applauds MLP Parity Act, Thanks Senate and House Sponsors
The Biotechnology Innovation Organization (BIO) today thanked Senators Chris Coons (D-DE) and Jerry Moran (R-KS) and Representatives Ted Poe (R-TX) and Mike Thompson (D-CA) for reintroducing the Master Limited Partnerships Parity Act of 2017. This bipartisan bill would level the playing field in the tax code by giving investors in renewable energy projects access to a decades-old corporate structure with a tax advantage now available only to fossil fuel projects.
Brent Erickson, Executive Vice President of BIO’s Industrial & Environmental Section, stated:
“The Master Limited Partnership Parity Act will help U.S. renewable chemical and advanced biofuel companies compete for investment dollars. The global market for biobased products is projected to double by 2024. This legislation can help U.S. producers capture their fair share of that economic growth, revitalize the domestic manufacturing sector, and create new jobs and economic opportunities. We are especially pleased that the legislation captures the rapid growth and new classes of renewable chemicals that U.S. companies are developing, including those that reuse captured carbon.”