U.S. Senator Debbie Stabenow is hoping to provide a 30-percent federal tax cut to companies expanding in bio-based manufacturing.
Congress approved the tax cut for advanced manufacturers in 2009. Stabenow wants to renew that tax break and expand it for companies developing bio-based products. Bio-manufacturing covers dozens of products. The idea is to use crops like soybeans and corn to create prescriptions drugs, plastics, and soaps instead of refined crude oil.
“If we can get to 20-percent,” Stabenow said, “This will make a huge difference.”