October 1, 2013

Renewable chems tax credit waiting for Congress

US producers of renewable chemicals are hopeful that a recently introduced bill called "Qualifying Renewable Chemical Production Tax Credit Act of 2013" (H.R. 3084) sponsored by House Representatives Bill Pascrell (D-NJ), Steve Stockman (R-Texas), Allyson Schwartz (D-Pa), Linda Sanchez (D-Calif) and Richard Neal (D-Mass), will be approved by US Congress and signed into law.

The legislation provides renewable chemical producers access to production tax credits currently available to other energy producers. According to several renewable chemical companies and industry trade group BIO (Biotechnology Industry Organization), the tax credit is critical for the industry's efforts to attract capital.

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