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BIO urges US senators to extend tax code parity to algae-based biofuels

Published Tuesday, March 09, 2010

Commercialization of algae-based biofuels can create jobs, increase energy security, and reduce greenhouse gas emissions on par with other advanced biofuels, but algae producers are at a disadvantage in attracting investment because these biofuels are not currently recognized in the tax code as advanced biofuels. The Biotechnology Industry Organization (BIO) urged Senate Finance Committee Chairman Max Baucus (D-MT) and ranking member Charles Grassley (R-IA) to extend tax code parity to algae-based biofuels as soon as possible. “Algae-based biofuel technology is advancing rapidly and is ready for commercialization. Production of algae-based biofuels can generate thousands of domestic green jobs ...

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