Stabenow Introduces Bill that Advances Tax Incentives for Producers of Renewable Chemicals

Via BusinessWire.

WASHINGTON - The Biotechnology Industry Organization (BIO) today thanked Senators Stabenow (D-MI), Coons (D-DE) and Franken (D-MN) for introducing S. 2271, the Renewable Chemicals Act of 2015, a bill to amend the Internal Revenue Code of 1986 to provide credits for the production of renewable chemicals and investments in renewable chemical production facilities.     

S. 2271 would create a targeted, short-term tax credit of 15 cents per pound for production of eligible renewable chemicals from biomass feedstock. In lieu of the production tax credit, producers could elect to take a 30% investment tax credit for qualified investments for new renewable chemical production facilities. The companion bill in the House is H.R.3390.