Iowa governor signs renewable chemical tax credit into law

In Iowa, Gov. Terry Branstad, Lt. Gov. Kim Reynolds and many stakeholders were on Iowa State University’s campus to witness the governor’s signing of Senate File 2300. This legislation was outlined in the Governor’s 2016 Condition of the State Address and will represent the next generation in production of renewable bio-chemicals.

The bill relates to the administration of programs by the economic development authority by creating a renewable chemical production tax credit program, modifying the high quality jobs program, and including effective date and other applicability provisions.  The bill was passed on a bipartisan basis through the Iowa Senate 46-3 on March 16, 2016 and the Iowa House 95-1 on March 28.