Iowa’s Senate approves $10 million in bio-chemical tax credits

In Iowa, the state’s Senate on Wednesday voted 46-3 in favor of up to $10 million in tax credits to promote the renewable chemical industry. The House Ways and Means Committee also approved a companion bill the same day that will now be sent to the House floor for a vote. Proponents of the bill say it will help the state to be competitive in attracting these kinds of investments for second-generation technologies and biorefineries but a Senator who is an ISU economics professor argued against government picking winners in the marketplace.