Pennsylvania Senate Bill 832 Referred to Appropriations Committee

Rhea-AI Summary

On November 16, 2021, Bion Environmental Technologies (OTC QB: BNET) announced that Pennsylvania Senate Bill 832, aimed at reducing environmental impacts of livestock waste, has been referred to the Appropriations Committee. The bill proposes the Pennsylvania Clean Water Procurement Program, which could significantly reduce costs associated with Chesapeake Bay compliance for taxpayers. Funding is expected to be at least $25 million for fiscal year 2021-2022. Bion's technology aims to help the $175 billion U.S. livestock industry achieve sustainability while recovering valuable coproducts.

Positive

• Senate Bill 832 received unanimous support and has been referred to the Appropriations Committee, indicating strong legislative backing.
• The Clean Water Procurement Program could save Pennsylvania taxpayers up to 90% on Chesapeake Bay compliance costs.

Negative

• None.

NEW YORK, Nov. 16, 2021 /PRNewswire/ -- Bion Environmental Technologies, Inc. (OTC QB: BNET), a developer of advanced livestock waste treatment technology that largely mitigates environmental impacts and recovers high-value coproducts, announced that Pennsylvania Senate Bill 832 received its second consideration in the Environmental Resources and Energy Committee and was referred in a unanimous vote to Appropriations last week.

Section 3306 of the Bill will establish the Pennsylvania Clean Water Procurement Program, which "shall provide for the purchase of a verified nutrient or sediment reduction through a competitive bidding process…" that will dramatically lower costs to Pennsylvania and its taxpayers to meet the Chesapeake Bay mandates. Funding for the program may be provided through a number of sources, including "Federal money appropriated or authorized for purposes of the program", and is expected to be at least $25 million for fiscal year 2021-2022.

The Clean Water Procurement Program, as part of SB 832, contains most of the key provisions of SB 575, a bipartisan bill that was introduced in June 2019 to provide a nutrient credit procurement program. SB 575 was approved in the Senate by a vote of 33-17 and was calendared for a hearing in the House State Government Committee on March 16, 2020, the day legislative activities were canceled due to the pandemic.

Craig Scott, Bion's director of communications, stated, "After a year and a half of pandemic-related uncertainty and changes, we are very encouraged to see SB 832 moving forward with key provisions of SB 575 that will establish a nutrient credit trading program in Pennsylvania. What hasn't changed is the bipartisan legislative study that found that a competitive procurement program could save the State's taxpayers as much as 90 percent of their looming multi-billion-dollar Chesapeake Bay compliance costs. Perhaps, with additional funding available through the federal infrastructure bill, high-impact projects like Kreider Farms will move forward and provide low-cost solutions that can speed the recovery of the Bay, mitigate PA's own surface and groundwater problems, and provide relief for the state's taxpayers."

SB 832's full text and sponsors can be reviewed on the Pennsylvania General Assembly's website at https://www.legis.state.pa.us/cfdocs/billInfo/bill_history.cfm?syear=2021&sind=0&body=S&type=B&bn=832.

About Bion: Bion's patented third generation (3G) technology was designed to substantially reduce the environmental impacts of large-scale livestock production and deliver a USDA-certified sustainable product to the consumer. The platform simultaneously recovers high-value coproducts and renewable energy that increase revenues. Bion's 3G tech platform can provide low-cost high-impact solutions to the air and water quality issues related to livestock production, while creating a pathway to economic and environmental sustainability with 'win-win' benefits for at least a premium sector of the $175 billion U.S. livestock industry and the consumer. For more information, see Bion's website, www.bionenviro.com. 

This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words 'will', 'anticipate', believe', 'potential', and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes.

View original content:https://www.prnewswire.com/news-releases/pennsylvania-senate-bill-832-referred-to-appropriations-committee-301425811.html

SOURCE Bion Environmental Technologies, Inc.

FAQ

What is the significance of Pennsylvania Senate Bill 832 for Bion Environmental Technologies (BNET)?

Senate Bill 832 supports a Clean Water Procurement Program which aligns with Bion's mission to mitigate environmental impacts from livestock production, potentially lowering costs for taxpayers.

What funding is expected for the Clean Water Procurement Program in FY 2021-2022?

The program is expected to receive at least $25 million in funding for the fiscal year 2021-2022.

How could Senate Bill 832 impact taxpayers in Pennsylvania?

The bill could save taxpayers up to 90% on compliance costs related to Chesapeake Bay regulations.

What does Bion Environmental Technologies aim to achieve with its technology?

Bion aims to reduce the environmental impact of livestock production while recovering valuable coproducts and generating renewable energy.

When was Senate Bill 832 introduced?

Senate Bill 832 was moved forward on November 16, 2021, following its introduction in the context of ongoing legislative efforts to address environmental concerns.