S. 1980 · 115th Congress
Renewable Chemicals Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
StabenowSponsor5 cosponsors · 3 D, 1 R, 1 I
4 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: (1) a business-related tax credit for the production of renewable chemicals, and (2) a tax credit for investment in renewable chemical production facilities.
What it does: CRS summary · Introduced in Senate · Oct 18, 2017
Renewable Chemicals Act of 2017
This bill amends the Internal Revenue Code to allow: (1) a business-related tax credit for the production of renewable chemicals, and (2) a tax credit for investment in renewable chemical production facilities.
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 not less than 95%; (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 chemical for which either of the tax credits established by this bill have been claimed by the taxpayer in any taxable year.
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 bill. The amount of the credits that may be allocated to any taxpayer for any taxable year may not exceed $25 million.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Renewable Chemicals Act of 2017
Latest action (Oct 18, 2017): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Oct 18, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.