WASHINGTON, Dec 19, 2011 (BUSINESS WIRE) -- Extension of cellulosic biofuel tax credits now and eligibility for algae biofuels are needed to help companies raise financing for first-of-a-kind biorefineries. The Biotechnology Industry Organization (BIO) today thanked Senators Bill Nelson (D-Fla.), Jeff Bingaman (D-N.M.), John Kerry (D-Mass.), Al Franken (D-Minn.), Debbie Stabenow (D-Mich.), Jeff Merkley (D-Ore.), Ron Wyden (D-Ore.) and Tom Udall (D-N.M.) for their request to Senate leadership for this extension.
Brent Erickson, executive vice president of BIO's Industrial & Environmental Section, stated, "The advanced biofuels industry is at an inflection point and is rapidly maturing because biotech companies have made significant private investments to commercialize the technology. Additional investment is needed to build commercial scale biorefineries to produce these advanced biofuels. The cellulosic biofuels production tax credit and the accelerated depreciation for cellulosic biofuel property have the potential to unlock this vital project financing. Algae biofuels also need to be eligible for these credits. But the December 31, 2012, expiration date for these credits prevents project developers from leveraging their full value.
"BIO and its member companies thank the Senators who have recognized the importance of supportive, stable federal policy to ensure that advanced biofuels developers can move forward on first-of-a-kind commercial projects. We ask that any tax package that considers effectively expired provisions extend the cellulosic biofuels production tax credit and accelerated depreciation for cellulosic biofuel property, and include eligibility of algae-based biofuels."
In addition to extending the tax credits for cellulosic biofuels, BIO supports extension of the Qualifying Therapeutic Discovery Project credit and the Research and Experimentation credit.
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtech NOW, an online portal and monthly newsletter chronicling "innovations transforming our world." Subscribe to BIOtech NOW.
Upcoming BIO Events
BIO Asia International Partnering Conference January 31-February 1, 2012 Osaka, Japan
BIO CEO & Investor Conference February 13-14, 2012 New York, NY
World Congress on Industrial Biotechnology & Bioprocessing April 29-May 2, 2012 Orlando, FL
2012 BIO International Convention June 18-21, 2012 Boston, MA
SOURCE: Biotechnology Industry Organization (BIO)