Last week the governor of Iowa, Terry Branstad, signed a bill which came to him with bipartisan support from the legislature. The measure institutes tax incentives designed to accelerate the growth of the emerging biotech industry that turns crop- and animal-derived feed-stocks into high value, “building block” chemicals. These are climate friendly replacements for chemicals historically derived from oil or natural gas, and they can be used to make everything from plastics to textiles to specialty lubricants to paints and inks to pharmaceuticals. The law was carefully crafted to specifically reward new product development beyond food and fuel, and to provide a larger tax break for new entities while still encouraging innovation by existing players. Governor Branstad told me that his confidence in this kind of business stimulus reflects positive experience from similar programs during his first stint as governor (1983 to 1999).

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