WASHINGTON, DC – Congresswoman Michelle Fischbach (MN-07) announced that 105 organizations from across the agricultural, manufacturing, and scientific sectors have signed a joint letter of support for HR 8137, the Biobased Materials Investment and Production Act.
In the letter, the coalition emphasizes that the legislation offers a practical, bipartisan approach to expanding the American bioeconomy and enhancing national security.
"The support from over 100 organizations shows just how vital this legislation is for our agriculture and manufacturing sectors," said Rep. Fischbach. "By utilizing American-grown crops to manufacture everyday products, this bill will drive investment to our rural communities and open new markets for our farmers."
Background:
HR 8137 was introduced earlier this year in a bipartisan effort, with Democratic Congresswoman Nikki Budzinski (IL-13), to provide tax incentives for the production of biobased chemicals and materials. The legislation allows taxpayers to select the incentive structure that best aligns with their business model:
- Production Support: A tax credit of $0.10 per pound for renewable materials produced and sold, up to $10 million a year, or
- Investment Support: A 30% investment tax credit to help offset the capital costs of constructing or retrofitting manufacturing plants.
As highlighted in the letter, a strengthened US bioeconomy will create new economic opportunities for rural communities, increase market opportunities for farmers, and expand choices for consumers. Additionally, by reducing reliance on foreign supply chains, H.R. 8137 will directly strengthen national security while enhancing American competitiveness on the global stage.
Read the letter and view supporters here.
