AMES, Iowa- Governor Terry Branstad signed a bill into law Wednesday giving a tax credit to companies producing chemicals from ethanol by-products. Branstad said Iowa is the first such state to offer this incentive.
Senate File 2300 will give companies using all or part bio-renewable elements in the production of chemicals.
The Governor said this goes beyond food and fuel, and that Iowa is again leading the way in bio-renewable products.
Branstad also credited the legislature for working on a bi-partisan basis to produce the new law.
“The vision we had, was to have this bio-chemical tax credit, and how it could really encourage economic growth, new investments in our state,” said Branstad. I’ve already talked to a couple of businesses that are contemplating doing some things as a result of this.”
The bill was signed in the new Sukup Atrium, part of the Bio-Renewable complex at Iowa State University.