The Biotechnology Innovation Organization (BIO) recently said it supports the Renewable Chemicals Act of 2017 introduced in the Senate by Sen. Debbie Stabenow (D-MI) and co-sponsored by Sens. Tammy Baldwin (D-WI), Susan Collins (R-ME), Chris Coons (D-DE) and Al Franken (D-MN).
“The Biotechnology Innovation Organization and its members thank Sens. Stabenow, Baldwin, Collins, Coons and Franken for their staunch support of U.S. renewable chemical companies,” Brent Erickson, executive vice president of BIO’s industrial and environmental section, said in a press release. “This new legislation will help U.S. companies compete in a rapidly growing global renewable chemicals market, revitalize domestic manufacturing and create millions of new U.S. jobs.”
The goal of the proposed legislation, which is a companion bill to one introduced by Rep. Bill Pascrell (D-NJ) in the House in June, is to create a short-term tax credit that would help companies produce renewable chemicals.
“Agriculture and manufacturing are two of the biggest sectors in Michigan's economy,” Stephen Rapundalo, president and CEO of MichBio, said in the release. “By incentivizing biobased manufacturing, the Renewable Chemicals Act introduced by Sen. Stabenow can help companies revitalize the manufacturing sector, generate new markets for agricultural producers and create new jobs.”
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