Algae Biomass Organization Hails Carbon Utilization Tax Credit Legislation
WASHINGTON, DC (July 13, 2016) The Algae Biomass Organization, the trade association for the algae industry, hailed the introduction today of the Carbon Capture and Utilization Act of 2016 by U.S. Senators Sheldon Whitehouse (D-RI), Heidi Heitkamp (D-ND), Jon Tester (D-MT), Brian Schatz (D-HI), Tim Kaine (D-VA), and Cory Booker (D-NJ). The legislation would provide tax credit support for algae and other carbon capture and utilization (CCU) technologies that can convert greenhouse gas emissions into valuable products such as advanced biofuels, animal feed, fertilizer and chemical ingredients. The proposed language would add CCU technologies to section 45Q of the tax code, which already provides credits for the adoption of carbon capture and sequestration technologies.
“Developing technologies that convert greenhouse gases into useful products can overcome the biggest obstacle to carbon capture: cost. We applaud these Senators for recognizing that by recycling carbon and converting it into valuable products we can offset the cost of carbon capture technologies, minimizing impacts on ratepayers and creating new economic opportunities in rural regions across the country,” said Matt Carr, Executive Director of the Algae Biomass Organization. “We are particularly grateful for the language advocated by the Algae Biomass Organization that would allow smaller projects to qualify for the credit, which will help jumpstart several innovative algae technology demonstrations.”
CCU technologies, such as algae cultivation, can transform carbon dioxide emissions into valuable products, simultaneously reducing harmful greenhouse gases and providing economic benefits. A number of companies across the country are working to commercialize new technology advances that use algae and other microorganisms to convert concentrated sources of CO2 into renewable fuels, chemicals, fertilizer, plastics and feed ingredients, as well as high-value products such as Omega-3 nutritional supplements, powerful antioxidants, pharmaceuticals and cosmetics.
About the Algae Biomass Organization
The Algae Biomass Organization (ABO) is a 501 c(6) non-profit whose mission is to promote the development of viable commercial markets for renewable and sustainable commodities derived from algae. Its membership is comprised of people, companies, and organizations across the value chain. More information about ABO, including its leadership, membership, costs, benefits, and members and their affiliations, is available at the website: www.algaebiomass.org.
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- A voice on ABO policy initiatives.
- Access to members-only resources.
- Discounted pricing to ABO events, and more!