US Congress Senate Bill 1980 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 4-1-1)
Status: Introduced on October 18 2017 - 25% progression, died in committee
Action: 2017-10-18 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Renewable Chemicals Act of 2017

Sen. Debbie Stabenow [D-MI]	Sen. Susan Collins [R-ME]	Sen. Christopher Coons [D-DE]	Sen. Al Franken [D-MN]
Sen. Tammy Baldwin [D-WI]	Sen. Angus King [I-ME]

Date	Chamber	Action
2017-10-18	Senate	Read twice and referred to the Committee on Finance.

HB3149 (Related) 2017-06-29 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/1980/all-info
Text	https://www.congress.gov/115/bills/s1980/BILLS-115s1980is.pdf