Legislation removes a major barrier to commercialization of algae-based biofuels
Washington DC (September 28, 2010) – The Algae Biomass Organization (ABO), the trade association for the U.S. algae industry, today praised the U.S. House of Representatives for passing H.R. 4168, the Algae-based Renewable Fuel Promotion Act. ABO specifically recognized Reps. Harry Teague (D-NM), Mary Bono Mack (R-CA), Dave Reichert (R-WA) and Brian Bilbray (R-CA) for leading efforts to give algae-based biofuel tax parity with cellulosic biofuels with respect to a $1.01 per gallon production tax credit and a 50 percent bonus depreciation for biofuel plant property.
“Today, the House sent an unmistakable message of bipartisan support to the hundreds of companies, scientists, entrepreneurs and government agencies working to accelerate the development of algae-based fuels, which will create jobs, decrease emissions and reduce our nation’s dependence on imported fossil fuels,” said Mary Rosenthal, Executive Director of ABO. “The passage of this bill is a huge first step towards our goal of creating parity for algae-based biofuels within the tax code and among various other government programs.”
The timing of the legislation’s passage could not have been better, as Tuesday was the first full day of the 4th Annual Algae Biomass Summit, the official conference and trade show of the Algae Biomass Organization, the largest annual gathering of algae industry leaders in the world. More than 600 attendees have gathered in Phoenix, Arizona for the three-day summit, which features more than 100 speakers, dozens of exhibitors and poster sessions. The full agenda, including a list of current speakers, is available at:https://algaebiomass.org/events/2010-algae-biomass-summit/agenda/.
“We’d like to thank the House – and particularly our vocal Democratic and Republican supporters in Congress – for supporting algae and giving our attendees another reason to celebrate and feel great about our industry’s prospects,” said Rosenthal.