The rows of corn and soybeans being harvested across Iowa will soon be used to manufacture a virtually limitless range of household products.

Chemicals derived from petroleum are found in many goods, but Iowa is trying to take oil out of the equation. Farmers, chemists and manufacturers in Iowa are working to replace petrochemicals with more sustainable chemicals derived from agricultural products (or biomass), such as cornstalks.

Iowa is positioned to be at the forefront of this emerging industry because the state produces the nation’s second largest supply of biomass. Additionally, Iowa has extensive industrial biotechnology infrastructure in place, due to our state’s leadership in renewable fuel production.

To further boost the industry in Iowa, last spring the Iowa legislature passed the country’s first Renewable Chemicals Production Tax Credit Program. The program incentivizes the production of certain renewable chemicals, called “building block” chemicals, by providing annual tax credits of up to $1 million for startups and $500,000 for established businesses.

CNBC said Iowa is a top 10 state for business, and that the state has the second lowest cost of business in the country. Visit iowaeconomicdevelopment.com to learn more about what Iowa can do for your company.