Eastman Chemical partner gets $130 million federal tax credit
Eastman Chemical Co., which makes chemicals, fibers and plastics, recently said TX Energy LLC has been awarded a federal investment tax credit of $130 million for a proposed industrial gasification project, the Associated Press reports. The facility, which will produce multiple products including raw materials for Eastman''s Longview, Texas, site and products for commercial sales, is being developed by TX Energy in cooperation with Eastman. Eastman will provide project development support, including engineering support, and the facility will be started-up and operated by Eastman or an affiliated company. The tax credits were authorized by the Energy Policy Act of 2005 which sought to support the deployment of advanced technologies for clean coal and other raw materials.