Iowa Governor Terry Branstad signed legislation this week approving the Renewable Chemical Production Tax Credit program. Iowa Cultivation Corridor, a Value Added Ag Development Group hailed the measure. Executive Director Brent Willett says there is great potential for growth in the renewable chemical industry and Iowa is in a unique position to capitalize on that.
He says the program provides tax credits of $105 million over ten years.
Willett says the Renewable Chemical Production Tax Credit is an innovative way to push forward value added agriculture in Iowa.
Willett says Iowa is the first state to provide incentives with this legislation which will help them attract more bio renewable chemical companies.
