Watch Live

Tweet TWEET

BIO Applauds Bipartisan Legislation That Levels the Playing Field for Renewable Chemicals

  BIO Applauds Bipartisan Legislation That Levels the Playing Field for
  Renewable Chemicals

Business Wire

WASHINGTON -- September 12, 2013

The Biotechnology Industry Organization (BIO) today thanked Rep. Bill Pascrell
(D-N.J.), Rep. Steve Stockman (R-Texas) and other original co-sponsors for
introducing the Qualifying Renewable Chemical Production Tax Credit Act of
2013, which provides renewable chemical producers access to production tax
credits currently available for other renewable energy producers. Additional
original co-sponsors of the legislation include Reps. Allyson Schwartz
(D-Pa.), Linda Sanchez (D-Calif.) and Richard Neal (D-Mass.). The legislation
will reduce taxes for U.S. producers of renewable chemicals, helping them to
commercialize homegrown technology and build new biorefineries in the United
States.

“By leveling the playing field for the biochemical sector, we are
strengthening America’s role as the leader in developing this groundbreaking
industry,” said Rep. Pascrell. “Creating good jobs right here in America is
the best way to bolster our economy, and this legislation does just that while
reducing our reliance on foreign oil and ensuring a more sustainable future.”

Rep. Stockman added, “I’m proud to sponsor this effort to reduce the tax
burden on innovators and job creators and create a level playing field for
employers. These are the kinds of jobs that can rejuvenate rural America and
keep jobs at home.”

BIO President & CEO Jim Greenwood stated, “Creating a level playing field in
tax policy will help U.S. industrial biotech companies innovate and develop
new products. We’re already beginning to see renewable chemical companies put
homegrown technologies to work to create high-quality rural jobs and spur
economic growth. We thank Representatives Pascrell, Stockman, Sanchez,
Schwartz and Neal for supporting innovation and helping U.S. companies compete
in a rapidly growing renewable chemicals market.”

Hugh Welsh, President of DSM NA, headquartered in Parsippany, N.J., added, “We
are grateful for Congressman Pascrell’s continued leadership and vision on
innovation, renewable chemicals and a US manufacturing renaissance as
reflected in his sponsorship of the Qualifying Renewable Chemical Production
Tax Credit legislation. This legislation will further support employment,
economic growth and continue to encourage global companies like DSM to make
additional investments in New Jersey and the entire United States.”

Brett Lund, Chief Licensing Officer of Gevo, Inc., said, “The Qualifying
Renewable Chemical Production Tax Credit is a significant step toward
encouraging the production and use of renewable chemicals. Many products such
as Gevo’s renewable isobutanol can be used as a biochemical or a biofuel and
it is important that both uses are equally supported. We applaud
Representatives Stockman, Pascrell, Sanchez, Schwartz and Neal for their
leadership in supporting legislation that will help stimulate the renewable
chemicals industry in the United States.”

Mark Schweiker, Senior Vice President of Renmatix, located in King of Prussia,
Pa., commented, “There is clear momentum for bioindustry to commercialize
cost-competitive pathways to biochemicals. This bill will help leverage a
variety of under-utilized, non-food biomass in America for conversion into
renewable materials. Stimulating our nascent biochemical market will
reinvigorate rural economies and create sustainable jobs.” Renmatix is a
cellulosic sugar producer and signed a joint development agreement with UPM to
develop biochemicals.

“We have always emphasized the aspects of our growing industry that make it so
exciting – the positive impact we can have on the environment as well as our
national economy. Legislation such as the Qualifying Renewable Chemical
Production Tax Credit Act is a clear affirmation that Verdezyne, along with
the many players in our space, are onto something significantly valuable to
our country,” said E. William Radany, President and CEO of Verdezyne, Inc.

Tjerk de Ruiter, CEO of LS9, Inc. in South San Francisco, Calif., said, “Few
people realize that fossil fuels are used to produce many of the products used
every day in the United States and around the world. Passage of the Qualifying
Renewable Chemical Production Tax Credit Act would lead to much greater use of
renewable chemicals in the manufacture of those products, reducing the
negative economic and environmental impacts that come from relying on oil and
gas. A production tax credit for renewable chemicals will benefit American
businesses and consumers.”

Ross MacLachlan, CEO of Lignol Innovations Inc., in Berwyn, Pa., added, “The
potential market for biochemicals from renewable sources is enormous and
represents an opportunity to transform the supply chains for businesses
world-wide and open new markets and applications for America’s forest and
agricultural industries. What is most needed are policies that provide
incentives for customers to become early adopters of renewable chemicals and
renewable materials. Early adopters who can show market leadership and
champion the introduction of new materials into their supply chains will serve
as a catalyst to ignite an emerging business with immediate environmental and
economic benefits on a major scale. This production tax credit would be a
major step toward achieving these goals.”

About BIO

BIO represents more than 1,100 biotechnology companies, academic institutions,
state biotechnology centers and related organizations across the United States
and in more than 30 other nations. BIO members are involved in the research
and development of innovative healthcare, agricultural, industrial and
environmental biotechnology products. BIO also produces the BIO International
Convention, the world’s largest gathering of the biotechnology industry, along
with industry-leading investor and partnering meetings held around the world.
BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling
“innovations transforming our world.” Subscribe to BIOtechNOW.

Upcoming BIO Events

BIO Investor Forum
October 8-9, 2013
San Francisco, CA

BIO IPCC Conference
November 6-8, 2013
Washington, DC

BIO Convention in China
November 11-13, 2013
Beijing, China

Pacific Rim Summit on Industrial Biotechnology & Bioenergy
December 8-11, 2013
San Diego, CA

BIO CEO & Investor Conference
February 10 – 11, 2014
New York, NY

Contact:

Biotechnology Industry Organization
Paul Winters, 202-962-9237
Web: www.bio.org
Blog: www.biotech-now.org
Twitter: @IAmBiotech
 
Press spacebar to pause and continue. Press esc to stop.