Renewable chemical bill advances to governor
March 31, 2016
The Iowa House on Wednesday passed legislation to allow for a new biorenewable chemical production tax credit, and the bill is now on its way to Gov. Terry Branstad to sign. The House passed the bill 95-1. The Senate had already passed Senate File 2300 by a vote of 46-3. The legislation was a priority for the Iowa Economic Development Authority and Gov. Branstad is expected to sign the legislation.
- establishes a 10 year, $10 million annual credit for renewable chemicals
- reduces the High Quality Jobs tax credit cap by $20 million per year for 5 years
- clearly defines what chemicals are eligible for credit
- outlines eligibility requirements
- requires tax credit reporting
The Iowa House originally passed legislation for such a tax credit last year, but it did not advance out of the Senate in 2015.
Staff contact: Nicole Crain