The bill would incentivize the development of additional markets for Nebraska farmers and create chemical industry jobs in the state.
“Nebraska is the global leader in value-added agriculture,” Senator Ricketts said in a press statement. “This bill opens new markets for Nebraska ag. It will bring more ag-driven manufacturing to Nebraska. Biobased products are common sense. They’re a win for consumers, the environment, and our farmers and ranchers. We aren’t just growing food in Nebraska. We are growing the raw materials for America’s future.”
The act includes a tax credit equal to 15% of the sales price per pound of renewable chemicals produced from biomass as well as a 30% tax credit for investments in new renewable chemical production facilities.