On July 6, 2016, Hawaii Governor David Ige signed SB 2652 Related to Taxation — Locally Produced Renewable Energy. This bill establishes a five-year renewable fuels production tax credit. The tax credit will take effect in 2017 and will provide 20 cents per gallon of ethanol (or 76,000 British thermal units (Btu) of renewable fuel) with a cap of $3 million. The tax credit is open to companies producing at least 15 billion Btu of...
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On April 6, 2016, Iowa Governor Terry Branstad signed Senate File 2300, creating a five cent tax credit, per pound of renewable chemicals produced from biomass feedstock between 2017 and 2026. Spokesman for Governor, Ben Hammes, stated, "Gov. Branstad believes this biochemical tax program will go even further to continue spurring economic growth all over Iowa, creating more high-quality jobs and attracting investments in renewable chemical manufacturing and advanced bio-refining." The...
September 19, 2013
House Bill Introduced To Bolster Renewable Chemicals Production
On September 12, 2013, Representative Bill Pascrell (D-NJ) introduced H.R. 3084, the "Qualifying Renewable Chemical Production Tax Credit Act," to provide tax parity for the renewable chemical industry in the United States. Along with Representative Pascrell, the original co-sponsors of the bi-partisan bill are Representatives Steve Stockman (R-TX), Allyson Schwartz (D-PA), Linda Sanchez (D-CA), and Richard Neal (D-MA). Essentially, the bill would extend the current production tax...