Biochemical tax credit program bills advance

Bills that create the new biochemical production tax credit program advanced this week. ABI supports this proposal. The Senate passed SF 2300 46-3 Wednesday. The House passed their version of the bill, HF 2288, out of House Ways and Means, amending it to mirror provisions added to the Senate bill regarding reporting, definitions and a sunset. The bill now goes to the House floor. The 10-year program established by the bills offers $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. Staff contact: Jessica Harder