WASHINGTON--(BUSINESS WIRE)--The Biotechnology Innovation Organization (BIO) today applauded Iowa’s Senate for approving a new five-year production tax credit for renewable chemicals and helping to drive innovation in this new sector. Renewable chemicals will be defined in Iowa’s tax code as having at least 50 percent biobased content and not being used as food, feed or fuel. The value of the tax credit is limited to $105 million over five years. Identical legislation was approved yesterday by Iowa’s House Ways and Means Committee.
