While the United States has made significant strides in biofuels, many other everyday products, from plastics to industrial chemicals, remain dependent on foreign petroleum. The legislation aims to bridge that gap by providing tax incentives for companies that use American-grown biomass to create renewable materials.
"This legislation is a crucial step in supporting our farmers and manufacturers," said Fischbach. "By providing tax incentives, we can drive investment into rural communities, reduce our reliance on petroleum-based products, and strengthen our national supply chain using American-grown resources."
“From innovative materials to lifesaving therapies, the biomanufacturing industry is making breakthroughs every day,” said Budzinski. "As the representative of America's 'Silicorn Valley' in Central and Southern Illinois, I know how important it is to grow our country's leadership in this expanding field. I'm proud to be leading a bipartisan effort alongside Congresswoman Fischbach to drive investments in biomanufacturing that will have wide-reaching benefits for farmers, rural economies, consumers, and the environment."
The Biobased Materials Investment and Production Act allows taxpayers to choose the incentive that best fits their business model:
This legislation ensures that American businesses have the support they need to lead the world in renewable material production.
"America's farmers and innovators are uniquely positioned to lead the next generation of renewable materials and domestic manufacturing. This legislation helps unlock that potential by supporting investment in US biomanufacturing facilities producing plant-based products from a range of agricultural commodities. These products reduce reliance on fossil resources, strengthen critical supply chains, and support vibrant rural economies," said Plant Based Products Council Executive Director James Glueck. “By making it easier to scale biobased manufacturing here at home, Congress can ensure the United States leads the globe while making renewable materials, chemicals, and products more accessible and affordable for American consumers.”
"Illinois corn farmers are ready to lead in the next generation of American manufacturing, and this legislation from Congresswomen Budzinski and Fischbach is a critical step forward,” said Illinois farmer and IL Corn Growers Association President, Mark Bunselmeyer.
Jed Bower, President, National Corn Growers Association, said, "Corn growers are very appreciative of Representatives Fischbach and Budzinski for introducing this legislation that will diversify demand for our farmers, strengthen rural economies and support domestic manufacturing. Boosting market opportunities for bioproducts made from agricultural feedstocks creates new revenue streams for growers of many different crops."
You can find text of the Biobased Materials Investment and Production Act HERE.
