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Kentucky Begins Renewable Chemicals Production Program

January 13, 2022
Author: Doris de Guzman

This post originally appeared on Tecnon OrbiChem's blog.

The holiday gift-giving is not yet over it seems, as Kentucky’s Department of Agriculture and other agencies are inviting companies to apply for the state’s Renewable Chemical Production Program which will provide tax credits and economic incentives for the production of more than 30 specified chemicals derived from biomass feedstock. The program will share tax credits previously established for renewable diesel or biodiesel production in the commonwealth.

The total amount of tax credit shall be 5 c/lb 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.

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%, except for chemicals sold or used for the production of food, feed or fuel. 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:

  • Be physically located in Kentucky
  • Operate for profit
  • Organize, expand, or locate in this state on or after July 1, 2020
  • Create new jobs and retain those jobs for at least four years or invest a substantial amount of new capital in the commonwealth and maintain that capital for at least four years
  • Cannot provide professional services, health care services, medical treatments, or engage in retail operations and cannot relocate operations from another area of Kentucky or reduce operations in another area of the state while seeking this incentive

To find out more about Kentucky’s Renewable Chemical Production Program or to request an application, visit the Kentucky Department of Revenue’s  website.

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