On July 29, 2015, a bill to amend the Internal Revenue Code of 1986 to provide credits for the production of renewable chemicals and investments in renewable chemical production facilities, and for other purposes (H.R. 3390) was introduced in the House. The bill would expand production and investment tax credits that are currently available to renewable energy producers to apply also to renewable chemical manufacturers. The program allows manufactures to choose either: (1) a 15 cents per pound production credit for eligible renewable chemicals; or (2) a 30 percent investment tax credit for the construction of renewable chemical production facilities. The credits will be in effect for five years after the bill is enacted, and will be capped at $500 million over the life of the program. The Biotechnology Industry Organization (BIO) has expressed its support for H.R. 3390, restating the need to create a level playing field in the U.S. for industrial biotech companies to innovate and develop new renewable chemicals and biobased products.
- Bergeson & Campbell, P.C.
- Tax credits for renewable chemical production introduced in the ...
Renewable energy from Biogas plant
Earths is sick and needs to be fixed. This simple message is enough for every body alive to be involve in fixing our home. Constatnt pollution of our evironment by fossil fuels ,humaan activities have degraded our ozone, allowing greenhouse gases to deplet the ozona and occupy our atmosphere.The damages caused by fossil fuel can not be overemphasized,as more and more problems and global warming is emerging on daily basis . Osmartex & Co Nig Ltd is investing in biogas plant construction that would provide up...
Renewable energy in Europe 2017: recent growth and knock-on effects
Addressing climate change requires a globally coordinated, long-term response across all economic sectors. The 2015 Paris Agreement provides the framework for limiting global warming to less than 2 degrees Celsius above pre-industrial levels and for pursuing efforts to limit it to 1.5 degrees Celsius. Early in this process, the European Union has adopted ambitious and binding climate and energy targets for 2020 and 2030. Member States have set the strategic objective of building an Energy Union, which aims to...
What rural Alaska can teach the world about renewable energy
I flew into Unalakleet, Alaska, on a late fall day. With about 700 people, Unalakleet is large by rural Alaska standards and serves as a regional hub. The village is located on a sandy spit of land where a clear river meets the turbid water of the Bering Sea. Out the plane window the sun shone bright, glittering off the wind-tossed whitecaps of the sea. To the east, the rolling Nulato Hills, clad in autumn foliage, provided a picturesque backdrop. As the small plane banked for our approach, a row of wind turbines...
How Energy Storage Can Pave the Way for Renewable Energy Adoption
Introduction Renewable energy offers a hopeful promise to reduce the energy sector’s carbon footprint, but many challenges must be addressed before it can be more extensively integrated into our society. One of the greatest barriers to widespread adoption is quite simply that due to the nature of renewable energy – the fact that it is produced only when solar rays, wind, etc. are available – it cannot fully respond to customers’ energy demand in real time. Fossil fuels are easy to store,...
How renewable energy advocates are hurting the climate cause
Overly optimistic reports of renewables’ success are not only misleading but also counterproductive In the wake of the 2016 presidential election, the proliferation of misinformation on social media is finally getting the attention it deserves. Or so I thought. Scrolling through my Facebook news feed recently, I stumbled upon an article shared by Climate Central, a nonprofit news organization focused on climate science. “The World’s Renewable Energy Capacity Now Beats Out Coal,” read...