The Qualifying Renewable Chemical Production Tax Credit Act of 2013 has been introduced by the new legislation to reduce taxes for producers of renewable chemicals in the US.
The act also provides the renewable chemical producers with access to production tax credits currently available for other renewable energy producers.
Senator Debbie Stabenow of Michigan said that these tax cuts for the domestic bio-based manufacturing companies will help spur innovation, grow the economy and create jobs across the country.
Commenting on the tax reduction, The Biotechnology Industry Organization (BIO) president & CEO Jim Greenwood said that creating a level playing field in tax policy will help US industrial biotech companies innovate and develop new products.
"Putting homegrown technologies to work will create high-quality rural jobs, spur economic growth, and improve environmental health," Greenwood added.
