WASHINGTON – The American Forest & Paper Association (AF&PA) applauds the extension of the Section 45 tax credit for existing facilities producing electricity from renewable biomass in the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213), which passed in the U.S. House of Representatives today.
“The extension of the Section 45 tax credit encourages investments in carbon-neutral, renewable biomass power production and helps reduce the country’s reliance on fossil fuels,” said AF&PA President and CEO Donna Harman. “This is an important step and one that further solidifies Congress’ belief in renewable biomass as part of the solution to our energy security challenges.”
The forest products industry is the leader in renewable energy production – producing more renewable energy than from all solar, wind and geothermal combined. AF&PA estimates that the extension and expansion of the Section 45 tax credit will help directly sustain more than 50,000 pulp and paper mill jobs; 150,000 related jobs associated with other products in the value chain, such as envelopes, shipping containers or cartons; and 160,000 indirect jobs in supplier industries and local communities, for total of 360,000 jobs.