Renewable chemical bill advances in Senate

The Senate Ways and Means Committee voted to amend and advance SF2285, a bill ABI supports that establishes a biochemical tax credit program. The 10-year program established by the bill will offer $10 million in refundable tax credits per year on a first come first served basis to incent the reuse of byproducts from processes such as ethanol and biodiesel production. The amendment added in committee sets a hard sunset on July 1, 2030, and requires more specific information gathering and reporting, setting a baseline for the number of jobs created and the amount and types of chemicals produced. The bill now goes to the Senate floor.