BIO submits statement to House Ways and Means Subcommittee on ways to extend tax provisions
US Biotechnology Industry Organization (BIO) has submitted a statement to the House Ways and Means Subcommittee on Select Revenue Measures for a hearing on 'Certain Expiring Tax Provisions':
'Sustained supportive tax policy is very important to emerging technologies that have not yet achieved commercial scale, and should be targeted at those technologies with the greatest potential to create the jobs, economic growth, energy security and environmental benefits we seek as a nation. Emerging technologies in advanced biofuels, renewable chemicals, and biobased products have tremendous potential to address the nation's challenges and are ready for commercial deployment, but simply cannot secure needed capital for first-of-a-kind biorefinery construction without government support. We urge you to extend provisions that support the scale-up of these important technologies,' says BIO President & CEO, Jim Greenwood, in the testimony.
Representative Brian Bilbray also submitted a statement to the committee supporting tax parity for advanced biofuel and biorefinery technologies.
BIO's statement emphasized that algae biofuels and renewable chemicals provide public benefits similar to those provided by cellulosic biofuels. These include job creation, energy security, and environmental profile. It also suggested that tax policy could clear the path for their rapid commercialization.