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Financing Our Energy Future Act Will Foster Innovative, Bio-Based Projects

The Biotechnology Innovation Organization (BIO) today thanked Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.) and Representatives Mike Thompson (D-Calif.) and Ron Estes (R-Kan.) for introducing the Financing Our Energy Future Act.

Financing Our Energy Future Act Will Foster Innovative, Bio-Based Projects

Antiquated Tax Provision Hindering Sustainable American Energy

Washington, D.C. (June 13, 2019) – The Biotechnology Innovation Organization (BIO) today thanked Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.) and Representatives Mike Thompson (D-Calif.) and Ron Estes (R-Kan.) for introducing the Financing Our Energy Future Act. The bipartisan legislation would level the playing field in the tax code by making a business structure, known as Master Limited Partnerships (MLPs), available to investors in bio-based projects. MLPs have access to larger and more liquid sources of capital, but as of today, are only available to fossil fuel projects.

The following statement may be attributed to Stephanie Batchelor, acting executive vice president of BIO's industrial & environmental section:

“Countless companies are working to secure a sustainable American energy future and reduce our reliance on foreign oil, and it’s important they have the necessary tools to be successful. Unfortunately, today, an antiquated tax provision is preventing environmentally friendly technologies from accessing capital and slowing the transformation to a 21st-century, bio-based economy that will produce clean, affordable energy and create high-quality jobs. With the Financing Our Energy Future Act, we can better finance and foster innovative renewable chemicals and biofuels to combat climate change, provide Americans with low carbon energy, and revitalize domestic manufacturing. BIO thanks Senators Coons and Moran and Representatives Thompson and Estes for recognizing the need to level the playing field and embrace new energy opportunities.”

Click here to learn more about the Financing Our Energy Future Act.

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