The Biotechnology Innovation Organization (BIO) recently announced its support for the Master Limited Partnerships Parity Act of 2017, legislation reintroduced into the U.S. Senate and House by Sens. Chris Coons (D-DE) and Jerry Moran (R-KS) and Reps.Ted Poe (R-TX) and Mike Thompson (D-CA).
The bill, introduced with bipartisan support, would edit the tax code to give renewable energy projects the same investment possibilities as fossil fuel projects, a BIO release said. Specifically, the bill would give investors in renewable energy projects access to a corporate structure that comes with a tax advantage that only fossil fuel projects currently have.
“The Master Limited Partnership Parity Act will help U.S. renewable chemical and advanced biofuel companies compete for investment dollars,” Brent Erickson, executive vice president of BIO’s industrial and environmental section, said in the release. “The global market for biobased products is projected to double by 2024. This legislation can help U.S. producers capture their fair share of that economic growth, revitalize the domestic manufacturing sector, and create new jobs and economic opportunities. We are especially pleased that the legislation captures the rapid growth and new classes of renewable chemicals that U.S. companies are developing, including those that reuse captured carbon.”
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