3.0.0 3390 2023-01-11T13:30:18Z 2023-01-11T13:30:18Z House HR 2015-07-29 114 [Congressional Record Volume 161, Number 121 (Wednesday, July 29, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PASCRELL:H.R. 3390.Congress has the power to enact this legislation pursuantto the following:Congress has the power to enact this legislation pursuantto Article I, Section 8, Clause 3 of the United StatesConstitution.[Page H5774]]]> hswm00 Ways and Means Committee House Standing Referred to 2015-07-29T14:20:20Z Renewable Chemicals Act of 2015 114 2271 S 2015-11-10 Read twice and referred to the Committee on Finance. Related bill CRS 2015-07-29 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-07-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-07-29 Introduced in House IntroReferral 1000 9 Library of Congress P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 N F000451 Rep. Fitzpatrick, Michael G. [R-PA-8] Michael Fitzpatrick R PA G. 8 2015-07-29 True N000015 Rep. Neal, Richard E. [D-MA-1] RICHARD NEAL D MA E. 1 2015-07-29 True A000373 Rep. Ashford, Brad [D-NE-2] Brad Ashford D NE 2 2015-10-22 False C001106 Rep. Costello, Ryan A. [R-PA-6] Ryan Costello R PA A. 6 2016-02-09 False S001156 Rep. Sánchez, Linda T. [D-CA-38] Linda Sánchez D CA T. 38 2016-03-22 False N000127 Rep. Nolan, Richard M. [D-MN-8] RICHARD NOLAN D MN 8 2016-12-08 False Taxation Alternative and renewable resources Business investment and capital Chemistry Income tax credits Industrial facilities Manufacturing Materials Taxation 00 2015-07-29 Introduced in House 2017-07-17T15:07:20Z Qualifying Renewable Chemical Production or Investment Tax Credit 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.

]]> Qualifying Renewable Chemical Production or Investment Tax Credit Act of 2015 Display Title Qualifying Renewable Chemical Production or Investment Tax Credit Act of 2015 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide credits for the production of renewable chemicals and investments in renewable chemical production facilities, and for other purposes. Introduced in House IH Short Titles as Introduced Qualifying Renewable Chemical Production or Investment Tax Credit Act of 2015 Introduced in House 2015-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3390ih/xml/BILLS-114hr3390ih.xml 2015-07-29 Referred to the House Committee on Ways and Means. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.