Supporting Biobased Manufacturing
I was recently joined by Congresswoman Nikki Budzinski to introduce the Biobased Materials Investment and Production Act, a bipartisan bill to advance American manufacturing and create new markets for our farmers.
While America has made great progress in biofuels, many other everyday items still rely heavily on foreign petroleum. This legislation incentivizes companies to use American-grown biomass to create renewable materials right here at home.
By providing tax incentives for biobased production, we can drive significant investment into rural communities, reduce our dependence on foreign resources, and strengthen our national supply chain using American-grown resources.
The Biobased Materials Investment and Production Act gives American businesses the flexibility to choose the support that best fits their needs:
- Production Support: A tax credit of $0.10 per pound for renewable materials produced and sold (up to $10 million annually), or
- Investment Support: A 30% investment tax credit to help cover the costs of building or retrofitting manufacturing facilities.
American farmers and manufacturers are the best in the world. This bill ensures they have the tools to lead the global market in renewable materials while boosting our local economies. |