BIO Asks Congress to Extend Critical Bioenergy Tax Credits During Lame-Duck
Washington, DC (October 18, 2016) – The Biotechnology Innovation Organization (BIO) today sent a letter to Congressional Leadership, the Senate Finance Committee Chairs, and the House Ways and Means Committee Chairs calling for the extension of renewable energy tax credits slated to expire at the end of 2016. In its letter, BIO urges Congress to advance a multi-year extension of the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, and the Alternative Fuel Vehicle Refueling Property.
Brent Erickson, Executive Vice President of the Industrial and Environmental section at BIO, released the following statement:
“Sustained financial incentives from the U.S. Government are very important to emerging technologies that have not yet achieved commercial scale. The extension of these tax credits will continue to support the scale-up of second generation biofuels by supplying companies with the necessary capital and assurance needed to move into the next stage of commercial development – construction of cutting edge biorefineries.
“Advanced biofuel tax credits drive innovation while leveling the playing field for U.S. companies in the international marketplace. These tax credits foster American-born technology innovations and help keep them here at home.”
“The advanced biofuel sector is 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.”
About BIO
BIO is the premier biotechnology advocacy organization representing biotech companies, industry leaders, and state biotech associations in the United States and more than 35 countries around the globe. BIO members range from biotech start-ups to some of the world’s largest biopharmaceutical companies – all united by the same goal: to develop medical and scientific breakthroughs that prevent and fight disease, restore health, and improve patients’ lives. BIO also organizes the BIO International Convention and a series of annual conferences that drive partnerships, investment, and progress within the sector. Learn more at bio.org.