Washington DC (December 13, 2013) The Algae Biomass Organization (ABO), the trade association for the algae industry, applauded Congressman Scott Peters (D-CA) for legislation he introduced yesterday to extend the existing tax credit for producers of advanced biofuels, such as those derived from algae. The bill, HR 3758, would also extend an existing depreciation allowance for advanced biofuel plant property.
In proposing the legislation Congressman Peters, who chairs the Congressional Algae Caucus, seeks to maintain a policy that has encouraged entrepreneurs and investors to develop the next generation of sustainable fuels. Continuation of this tax policy would also support ongoing commercialization efforts that are already providing new jobs and economic development while improving the nation’s energy security.
“ABO thanks Congressman Peters for his leadership and his vision for American energy security and economic development,” said Mary Rosenthal, executive director of ABO. “America needs new sources of energy, and the advanced biofuels tax credit has provided confidence to companies and investors that are bringing sustainable biofuels into the marketplace. Extending this valuable policy will accelerate the commercialization of competitive, domestically produced fuel from algae and other feedstocks.”
With new production facilities planned or operating around the U.S., the algae industry is rapidly emerging as an opportunity to address many of the energy, food, economic, and environmental challenges facing the world today. Algae have the power to simultaneously put fuels in vehicles, recycle CO2, provide nutrition for animals and people and create jobs for millions of Americans. Algae’s ability to produce high yields and grow in saltwater and on marginal lands means that they can be cultivated on large scales without harmful impacts on freshwater supplies or valuable agricultural land. More information can be found at www.allaboutalgae.com.
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.
Contacts:
Nate Kommers, Scoville Public Relations for ABO
206-625-0075 x2, nate.kommers@scovillepr.com