S. 2271 · 114th Congress
Renewable Chemicals Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
StabenowSponsor3 cosponsors · 3 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to allow a business-related tax credit for the production of renewable chemicals.
What it does: CRS summary · Introduced in Senate · Nov 10, 2015
Renewable Chemicals Act of 2015
This bill amends the Internal Revenue Code to allow a business-related tax credit for the production of renewable chemicals. The bill defines "renewable chemical" as any chemical that: (1) is produced in the United States from renewable biomass; (2) is sold or used for the production of chemical products, polymers, plastics, or formulated products or as chemicals, polymers, plastics, or formulated products; (3) has a biobased content of 95% or higher; (4) is the product of, or reliant upon, biological or thermal conversion of renewable biomass; (5) is not sold or used for the production of any food, feed, or fuel; and (6) is not a combination of certain specified renewable chemicals.
The bill also allows a tax credit for investment in renewable chemical production facilities.
The bill requires the Department of the Treasury to establish a program to allocate renewable chemical tax credit amounts to eligible taxpayers and imposes an aggregate limit on the amount of credits that may be allocated to not more than $500 million during the 5-year period after enactment of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Renewable Chemicals Act of 2015
Latest action (Nov 10, 2015): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Nov 10, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.