119 S615 IS: Chemical Tax Repeal Act U.S. Senate 2025-02-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II119th CONGRESS1st SessionS. 615IN THE SENATE OF THE UNITED STATESFebruary 18, 2025Mr. Cruz (for himself, Mr. Kennedy, Mr. Cornyn, Mr. Barrasso, and Mr. Lee) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances.

1.

Short title

This Act may be cited as the Chemical Tax Repeal Act.

2.

Repeal of excise taxes on certain chemicals and substances

(a)

In general

Chapter 38 of the Internal Revenue Code of 1986 is amended by striking subchapters B and C (and by striking the items relating to such subchapters in the table of subchapters for such chapter).(b)

Effective date

The amendments made by this section shall take effect on January 1, 2025.