Algae and cellulosic biofuel supported in U.S. federal tax act

  • 03-Jan-2013 09:35 EST

Petri dishes of Solazyme's tailored algae strains.

The Biotechnology Industry Organization (BIO) is expressing gratitude to the U.S. Congress for including extensions and modifications of the Second Generation Biofuel Producer Credit and the Special Allowance for Second Generation Biofuel Plant Property in final passage of the American Taxpayer Relief Act of 2012. The Act will incentivize investment in both cellulosic and algae biofuel production by renewing a $1.01 per gallon tax credit for producers and accelerated depreciation for newly constructed facilities during 2013, and modifying these credits to include algae. Said Brent Erickson, Executive Vice President of BIO’s Industrial and Environmental Section, in a Jan. 2 statement: “We thank Congress for extending the producer tax credit and bonus depreciation and enabling algae producers to qualify. Stability in such policies is crucial to maintaining private investment. We hope to work with Congress in the coming year to extend and maintain additional policies that support this innovation, such as a strong energy title in any upcoming Farm Bill, and the Renewable Fuel Standard.”

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