Biofuel Companies and Trade Associations Push for Extension to Investment Tax Credits for Cellulosic Biofuels and The Inclusion of Algae Biofuels

May

2010

Biofuel Companies and Trade Associations Push for Extension to Investment Tax Credits for Cellulosic Biofuels and The Inclusion of Algae Biofuels

Green Car Congress 3 comments

A group of 35 biotechnology and biofuel companies and trade associations are urging the leaders of the House Ways and Means Committee to extend tax credits for cellulosic biofuels for four years, to allow algae biofuels to qualify for those tax credits, and to create an option for monetizing the tax credits as tax refunds. Similar mechanisms exist for other renewable energy industries, including wind, solar, geothermal, and biomass for electricity under the tax code (26 USC § 48).

Specifically, the group sent a letter to Committee Chairman Rep. Sander Levin (D-MI) and Ranking Member Rep. Dave Camp (R-MI)urging the inclusion of the language of H.R. 5142, the Grow a Renewable Energy Economy Now – Jumpstart Other Biofuels (GREEN JOB) Act of 2010, in the next appropriate revenue vehicle considered by the House.

In addition to extending the cellulosic production tax credit, currently set to expire at the end of 2012, by four years and allowing algae biofuels to qualify, the GREEN JOB Act would also close the IRS loophole that allows black liquor to qualify for the cellulosic tax credit, which would help to pay for the extension of the credit to algae biofuels.

Rapidly increasing US production of advanced biofuels can reduce reliance on petroleum, contribute to economic revitalization, and create truly green jobs. Enduring federal commitment to increasing alternative energy production is vital for producers seeking the investment needed to build biorefineries and infrastructure. In the current economic environment, small companies are finding it especially challenging to raise financing for first-of-a-kind commercial-scale facilities.

—Jim Greenwood, president and CEO of BIO, the Biotechnology Industry Organization

The GREEN JOB Act, introduced by Representatives Allyson Schwartz (D-PA), Mark Schauer (D-MI) and Brian Bilbray (R-CA), is intended to support industry efforts to secure project financing by strengthening and expanding federal tax incentives for next generation biofuels, thus accelerating the development of biorefineries.

The proposed legislation would also provide cellulosic and algae-based biorefineries an option to choose a refundable 30% investment tax credit in lieu of production incentives. Businesses would not be allowed to claim both the production and investment incentives but would be granted the flexibility to choose the incentive best suited to their business condition.

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3 comments

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