Creating a Biobased World.
The nation’s most readily available supply of biomass and most advanced biotechnology infrastructure has facilitated a major biorenewables research and production hub in America’s Cultivation Corridor.
Iowa hosts a comprehensive network of private, academic and government-funded laboratories that are advancing crop-based products, bio-based chemicals, polymers and fuels. Through an extensive distribution network and the Renewable Chemical Production Tax Credit Program, companies in America’s Cultivation Corridor are advancing biofuels, biomass production and energy conversion technologies.
BY THE NUMBERS
Iowa is first in the nation for ethanol production, biodiesel production and biomass availability.
Iowa is first in the nation to pass a targeted biochemicals tax credit program.
Iowa Economic Development Authority
Fifty-eight percent of Iowa’s corn harvest is devoted to the ethanol industry, approximately 1.5 billion bushels of corn.
Iowa Renewable Fuels Association, 2019
Iowa produces more than 25 percent of the nation’s total ethanol supply.
Renewable Fuels Association, 2019
The Renewable Chemical Production Tax Credit Program: An America’s Cultivation Corridor Advantage
The Renewable Chemical Production Tax Credit Program is a revenue-neutral tax incentive and economic development package designed to attract national biochemical companies and pioneering new businesses to Iowa. In allocating $100 million in tax credits over ten years, the Renewable Chemical Production Tax Credit Program represents the strongest incentive package for the biochemicals industry anywhere in the world.
The program provides a tax credit of five cents per pound for renewable chemicals produced in a given year.
Companies less than five years old can receive up to $1 million in credits per year.
Established companies five years and oldercan receive up to $500,000 in credits per year.