Growing bio-based economy
Legislation has been introduced to grow Illinois’ bio-based economy, building upon the state’s strong agricultural base and seeking to provide new products and markets derived from grain commodities and their by-products.
Senate Bill 1656 provides incentives to Illinois businesses to produce and sell new renewable products made from biomass and other renewable sources.
The emergence of this technology represents a historic opportunity to reverse job losses in the chemicals and plastics sectors, increase energy security, replace fossil fuel-derived chemicals, reduce greenhouse gas emissions, maintain U.S leadership in clean energy and chemistry, and build domestic renewable chemicals and bio-based production facilities.
Iowa and Minnesota have already established these state incentives and legislation is pending in Congress to establish a similar credit at the federal level.