New bipartisan legislation introduced by Representatives Michelle Fischbach and Nikki Budzinski aims to expand the manufacturing of plant-based materials in the US. The Biobased Materials Investment and Production Act would incentivize biomanufacturing through tax cuts, providing new markets for farmers, investment in rural communities, and a stronger supply chain. Producers could receive tax credits for producing renewable materials or offset costs for constructing or retrofitting manufacturing plants.

The Plant Based Products Council supports the legislation, believing that scaling biobased manufacturing in the US can lead to renewable materials becoming more accessible and affordable for American consumers. The success of the bill now depends on gaining traction in Congress, as the agricultural bioeconomy in America is already a significant industry that could see substantial growth with the renewable products market potentially reaching $550 billion by 2050.