Illinois Lawmakers Propose Biotechnology Tax Credits
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.
Manar says the state is strategically poised to lead the development of new renewable products. Rose says there's potential for Decatur to be at the center of a new $20 billion biotechnology industry.
He says 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.