WASHINGTON--(BUSINESS WIRE)--The Biotechnology Innovation Organization (BIO) today thanked Senators Chris Coons (D-DE) and Jerry Moran (R-KS) and Representatives Ted Poe (R-TX) and Mike Thompson (D-CA) for reintroducing the Master Limited Partnerships Parity Act of 2017. This bipartisan bill would level the playing field in the tax code by giving investors in renewable energy projects access to a decades-old corporate structure with a tax advantage now available only to fossil fuel projects.
Brent Erickson, Executive Vice President of BIO’s Industrial & Environmental Section, stated:
“The Master Limited Partnerships Parity Act will help U.S. renewable chemical and advanced biofuel companies compete for investment dollars. The global market for biobased products is projected to double by 2024. This legislation can help U.S. producers capture their fair share of that economic growth, revitalize the domestic manufacturing sector, and create new jobs and economic opportunities. We are especially pleased that the legislation captures the rapid growth and new classes of renewable chemicals that U.S. companies are developing, including those that reuse captured carbon.”
BIO is the world's largest trade association representing 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. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.
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