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Fri, Dec

BIO Submits Testimony for Hearing on Recently Expired Tax Credits

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WASHINGTON--(BUSINESS WIRE)--The Biotechnology Innovation Organization today submitted written testimony to the U.S. House Ways and Means Subcommittee on Tax Policy, for the hearing “Post Tax Reform Evaluation of Recently Expired Tax Provisions.”

BIO’s testimony asks the committee to provide a seamless multi-year extension of the Second Generation Biofuel Producer Tax Credit; the Special Depreciation Allowance for Second Generation Biofuel Plant Property; the Biodiesel and Renewable Diesel Fuels Credit; and the Alternative Fuel Vehicle Refueling Property, which Congress recently extended retroactively for 2017 but are currently expired.

“Ensuring further growth in the advanced and cellulosic biofuels industry will require additional support and greater policy certainty going forward. As such, we encourage Congress to advance a multi-year extension of advanced biofuel tax incentives,” BIO’s testimony states. “Allowing these tax credits to expire in the near term would be premature, and would significantly limit the growth in the domestic advanced and cellulosic biofuels industry and undermine all the positive contributions the industry has made to national security, the economy, and the environment to date.”

BIO also encouraged the committee to provide parity for biofuels and renewable chemicals in the Master Limited Partnership structures and tax incentives for renewable chemical production, by advancing the bipartisan Renewable Chemicals Act of 2017 (H.R. 3149/S. 1980) and Master Limited Partnerships Parity Act (H.R. 4118/ S. 2005).

“An investment in renewable chemicals will pay strong dividends in the future of U.S. chemical manufacturing while advancing the goals of quality domestic job creation and domestic advanced manufacturing, improved trade balance, and maintaining U.S. leadership in clean energy and manufacturing technologies,” BIO’s testimony states.

A copy of BIO’s written testimony is available at https://www.bio.org/letters-testimony-comments/bio-written-testimony-house-ways-and-means-hearing-expired-tax-provisions.

About BIO

BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.