ENP Newswire - 17 September 2013
Release date- 13092013 - Washington, D.C. - The Biotechnology Industry Organization today thanked Rep. Bill Pascrell, Rep. Steve Stockman 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.'