Congresswomen introduce Biobased Materials Investment and Production Act
While the United States has made significant strides in biofuels, many other everyday products, from plastics to industrial chemicals, remain dependent on foreign petroleum. The legislation aims to bridge that gap by providing tax incentives for companies that use American-grown biomass to create renewable materials. The Biobased Materials Investment and Production Act allows taxpayers to choose the incentive that best fits their business model:
Production Support: A tax credit of $0.10 per pound for renewable materials produced and sold, up to $10 million a year, or
Investment Support: A 30% investment tax credit to help offset the capital costs of constructing or retrofitting manufacturing plants.
This legislation ensures that American businesses have the support they need to lead the world in renewable material production.
Category: Policy
