Governor Branstad Signs Biorenewable Tax Credit into Law

Iowa Governor Terry Branstad recently signed legislation that was outlined in the Governor's 2016 Condition of the State Address and will represent the next generation in production of renewable bio-chemicals.

“This legislation, the first of its kind in the nation, will help build Iowa’s renewable chemicals industry by using biomass as feedstocks for the production of building block chemicals,” said Branstad.  “Iowa is the nation’s premier leader in the renewable fuels industry and we will now build on our legacy of leveraging homegrown renewable resources to produce the next generation of building block chemicals.”

Lt. Gov. Reynolds added, “The production of biochemicals is perhaps the fastest growing segment of the bioscience industry which means it represents one of Iowa’s best opportunities for development of a high density industry cluster.  I want to commend the Iowa Legislature on passing this bill in a bi-partisan fashion to put Iowa in a unique position to grow Iowa’s biorenewables industry.”

Senate File 2300:  an Act relating to the administration of programs by the economic development authority by creating a renewable chemical production tax credit program, modifying the high quality jobs program, and including effective date and other applicability provisions.  The bill was passed on a bipartisan basis through the Iowa Senate 46-3 on March 16, 2016 and the Iowa House 95-1 on March 28.