BioFuels Journal

Washington — December 16, 2014 — Novozymes Americas President Adam Monroe urged Congress to provide the biotech industry with a stable business environment next year by passing a long-term extension of the widely popular research and development tax credit.

He also called on Congress to pass long-term extensions for second generation biofuels credits. His comments came after the passage this evening of legislation that renews a package of tax breaks for 2014.

“When Congress creates stable and supportive tax policy, the biotech industry responds by investing in research and development, creating new jobs and building facilities that fuel innovation.

"The great thing about these tax credits is that they allow companies like ours to speed up our investments. That means we can put local people to work faster in our labs and our production plants.

"It means we can bring economic development more quickly to the community.

"Our research and development creates biotechnology that makes businesses more efficient. Second generation biofuel credits have allowed us to build an industry around cellulosic ethanol.

"Predictable long-term tax policy is crucial for this investment and innovation.

"In passing today’s legislation, Congress recognized the need to continue successful tax policy. We are disappointed, however, that they have chosen such a makeshift solution.

"Temporary fixes such as this create an uncertain investment outlook. Next year, Congress has a chance to provide the biotech industry with a long-term framework and we look forward to working with them.”

For more information, please contact Dave McGlinchey at 1-919-494-3116 or [email protected]

See Related Websites/Articles:

• Novozymes

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