Legislation introduced in the Illinois Senate would provide incentives to Illinois businesses to produce and sell new renewable products. The legislation builds upon Illinois’ strong agricultural base and seeks to provide new products and markets derived from grain commodities and their by-products. The bill was introduced by Senators Chapin Rose and Andy Manar.
Universities and private companies are investing in a race with other states in research and development to introduce these products to the marketplace, say the bills’ sponsors.
‘’This legislation is all about the jobs that will be created in this potential $20-billion dollar new industry,’’ said Senator Rose.
‘’Illinois is strategically positioned to lead in the development of these new renewable products,’’ says Senator Manar. ‘’We have leading biotechnology companies, large and small, that are leading research and development efforts on these innovative products and we have critical mass in infrastructure to produce and transport these renewables around the world.’’
Senate Bill 1656 would provide a state tax credit to Illinois companies that produce and sell new manufactured products made from manufactured bio-based molecules of biomass feedstocks. The products represent the next generation of advanced biofuels and include renewable chemicals and food additives.
Iowa and Minnesota have already established the state incentives and legislation is pending in Congress to establish a similar credit at the federal level.
[Photo is of the Renewable Energy Group, Inc. facilities in Danville. The company has invested millions of dollars into the Danville location in recent years…including an announcement in 2015 saying it planned to invest $31 million dollars in upgrading and enhancing the biodiesel refinery.]
