StemCell Therapy

The Associated Press

DECATUR -- Two Illinois lawmakers have proposed a plan to offer tax credits to biotechnology businesses in hopes of boosting agricultural jobs in central Illinois.

The legislation, introduced by Republican state Sen. Chapin Rose of Mahomet and Democratic state Sen. Andy Manar of Bunker Hill, would provide incentives to produce and sell new renewable products made from biomass and other renewable sources, the Herald & Reviewreported.

Manar said the state is strategically poised to lead the development of new renewable products.

"We have leading biotechnology companies, large and small, that are leading research and development efforts on these innovative products, and we have critical mass in infrastructure to produce and transport these renewables around the world," Manar said.

Rose said there's potential for Decatur to be at the center of a new $20 billion biotechnology industry. He said the intent is to utilize Decatur's production and shipping capacity through the Midwest Inland Port along with the Integrated Bioprocessing Research Lab in Urbana.

"The potential for jobs is here," Rose said. "We have something no one else has to offer. This bill will help us capitalize on this and bring these jobs to central Illinois."

The proposed legislation would provide a state tax credit to Illinois companies that produce and sell new manufactured products made from bio-based molecules of biomass feedstocks. Those products, including renewable chemicals and food additives, represent the next generation of advanced biofuels.

"These new bio-based products offer great potential to the Illinois economy across the entire state," said Warren Ribley, president and CEO of Biotechnology Innovation Organization, which is among the organizations leading the efforts in Illinois. "We need to lead now by leveraging our tremendous assets or forever be playing catch-up."

The plan's chances in the state legislature are uncertain.

Illinois' corporate tax incentive program has been under scrutiny recently with critics calling it too expensive and favorable to large businesses. Last month Republican Gov. Bruce Rauner signed an extension of the program through April but has called for replacing the program, known as EDGE, or Economic Development for a Growing Economy.

Rauner's spokeswoman Eleni Demertzis saidMondaythat the bill is "under review."

Follow this link:
Illinois senators propose biotechnology tax credits - The State Journal-Register

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