On August 1, 2024, Senators Sherrod Brown (D-OH) and Pete Ricketts (R-NE) introduced the Renewable Chemicals Act of 2024 (S. 4931), bipartisan legislation that would “advance the manufacturing of renewable biochemicals from domestic biomass in the United States by creating a tax credit for the production of these chemicals by American companies.” According to Brown’s August 13, 2024, press release, the legislation would help to build new markets for domestically produced biomass, advance...
Archives
By Lynn L. Bergeson and Ligia Duarte Botelho, M.A. On March 9, 2022, U.S. Senators Joni Ernst (R-IA) and Amy Klobuchar (D-MN) introduced the Home Front Energy Independence Act that would ban Russian oil and replace it with the use of biofuels produced in the United States. This bill combines parts of past bills that would make ethanol 15 (E15) available year-round, establish an E15 and Biodiesel Tax Credit, direct the U.S. Environmental Protection Agency (EPA) to finalize...
By Lauren M. Graham, Ph.D. On October 18, 2017, Senator Debbie Stabenow (D-MI) introduced to the Senate the Renewable Chemicals Act of 2017 (S. 1980), which aims to establish a short-term tax credit for the production of renewable chemicals and for investment in renewable chemical production facilities. If enacted, the legislation would allow taxpayers to claim a production credit equal to $0.15 per pound of biobased content of each renewable chemical produced. In lieu of the...
On April 5, 2016, the biofuel trade associations Advanced Biofuels Business Council, Algae Biomass Organization, Biotechnology Innovation Organization (BIO), Growth Energy, National Biodiesel Board, and Renewable Fuels Association sent a letter to House and Senate Leaders asking for a multiyear extension of advanced biofuel tax credits. The six organizations are specifically asking that the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation...
On March 17, 2016, the Iowa State Senate voted 46-3 to approve Senate File 2300, a bill creating a production tax credit for renewable chemicals. The legislation was created to attract investment in renewable chemical manufacturing and biorefining to Iowa, and covers the production of higher value biochemicals from plant materials left over from biofuel production. The House Ways and Means Committee approved House File 2288, a companion bill, and sent the measure to the...