Novozymes given tax breaks
Copenhagen/Washington – Danish biotech company Novozymes has received a US$28.4m tax credit from the Obama administration to aid in the construction of the company’s new enzyme manufacturing facility in the US state of Nebraska. The plant will produce enzymes used during the production of advanced biofuels, and create more than 100 ‘green’ jobs. Full production is expected to begin in mid-2012. Once the project is complete, Novozymes will have invested between $160 and $200m. The tax credit will become available in 2012, and could save the company nearly $18m per year in tax savings.As part of the US administration’s support of clean technologies, the credits are allocated as part of the American Recovery and Reinvestment Act. To date, a total of $2.3bn has been awarded to 183 manufacturing facilities across 43 states.