The Biotechnology Innovation Organization (BIO) urges U.S. Congress to advance a multi-year extension of renewable energy tax credits slated to expire at the end of 2016.
BIO last week sent a letter to Congressional Leadership, the Senate Finance Committee Chairs, and the House Ways and Means Committee Chairs calling for the 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.
In its letter, 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 – Erickson writes – 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.”
BIO is the world’s largest trade association representing 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.