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Kentucky begins Renewable Chemical Production Program
By Sean Southard
Frankfort, KY - Kentucky companies can now apply for the state's Renewable Chemical Production Program, Commissioner of Agriculture Dr. Ryan Quarles has announced.
The program incentivizes the production of more than 30 specified chemicals derived from biomass feedstocks by giving eligible companies tax credits for their capital investment, job creation, and renewable chemical production.
The program will share tax credits previously established for renewable diesel or bio-diesel production in the commonwealth. The total amount of tax credit shall be five cents per molecular pound of weight of renewable chemicals produced in Kentucky by an eligible business, unless the total amount of approved credits for all taxpayers exceeds the annual cap of $10 million for the program.
Kentucky developed the program to capitalize on its resources and infrastructure and to support the growth of the renewable chemical manufacturing industry. It addresses the unique opportunity to advance the state's economy by utilizing biomass feedstocks for the production of environmentally sustainable products.
"Agriculture is a very conservation-minded industry," Commissioner Quarles said. "Thanks to new laws passed by the General Assembly, the Kentucky Department of Agriculture and other agencies are working together to provide an economic incentive for agribusinesses to look at ways to make new products out of renewable diesel or biodiesel. I'm optimistic the private sector will help lead the way in innovation in this sector."
For the renewable chemical production tax credit, the bill, which was passed by the Kentucky legislature in 2020, states eligible renewable chemicals are limited to building block chemicals with a biobased content percentage of at least 50 percent, except for chemicals sold or used for the production of food, feed, or fuel.
Program eligibility requirements for renewable chemicals, creation of jobs, or investment of new capital related to renewable chemical production, and reporting requirements for eligible companies are established by 302 KAR 4:010.
The Kentucky Department of Agriculture will help administer the program, coordinating with the Kentucky Department of Revenue in awarding the tax credits to eligible companies producing renewable chemicals.
To be eligible for the renewable chemical production tax credit, a business must:
Complete applications along with the required $500 compliance fee must be filed with the Kentucky Department of Agriculture by Jan. 15, 2022.
This story was posted on 2021-12-22 11:10:12
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