Next Round of Renewable Chemical Production Tax Credit Application Opens February 15
For more information contact:
Kanan Kappelman
515.348.6248
kanan.kappelman@iowaeda.com
Next Round of Renewable Chemical Production Tax Credit Application Opens February 15
February 15, 2021 (Des Moines, IA) – The Iowa Economic Development Authority (IEDA) announced that the application filing window for the Iowa Renewable Chemical Production Tax Credit will open today. Applications will be accepted (online only) from February 15 to March 15, 2021, for chemicals produced in 2020.
The Renewable Chemical Production Tax Credit incentivizes the production of high-value chemicals derived from biomass feedstocks. The credit is $0.05 per pound of renewable chemical produced, up to $1 million for startups and $500,000 for established businesses. According to the U.S. Department of Agriculture, the credit represents the “strongest” incentive package for the bio-based chemical industry.
The IEDA developed the program to capitalize on its resources and infrastructure and to capture the renewable chemical manufacturing industry; it addresses the unique opportunity to advance Iowa’s economy by focusing on the development of biomass as feedstocks to produce renewable chemicals.
The application system can be accessed at iowaeda.com/renewablechem. A variety of resources related to the program, including administrative rules, can also be found on this web page. Use the hyperlink in the “How to Apply” section, which takes applicants to the online application. To begin the application process, applicants must select “Sign In,” located in the upper right corner, to create an account to begin the application.
If you have questions after reviewing the online resources referenced above, contact Katie Rockey at 515.348.6166 or katie.rockey@iowaeda.com.
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