S. 4931 · 118th Congress
Renewable Chemicals Act of 2024
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BrownSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for u p to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content.
What it does: CRS summary · Introduced in Senate · Aug 1, 2024
Renewable Chemicals Act of 2024
This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for u p to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content.
The bill also allows a 30% tax credit for investment in renewable chemical production facilities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Renewable Chemicals Act of 2024
Latest action (Aug 1, 2024): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Aug 1, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.