Biochemical tax credit program bills advance

March 17, 2016

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