3.0.0 1980 2023-01-11T13:38:15Z 2023-01-11T13:38:15Z Senate S 2017-10-18 115 ssfi00 Finance Committee Senate Standing Referred to 2017-10-18T18:06:41Z Renewable Chemicals Act of 2017 115 3149 HR 2017-06-29 Referred to the House Committee on Ways and Means. Related bill CRS 2017-10-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-10-18 Introduced in Senate IntroReferral 10000 9 Library of Congress S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI N C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2017-10-18 True C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2017-10-18 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2017-10-18 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2017-10-18 True K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2018-02-13 False Taxation Alternative and renewable resources Business investment and capital Chemistry Income tax credits Industrial facilities Manufacturing Materials Taxation 00 2017-10-18 Introduced in Senate 2017-10-23T13:12:51Z 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 Display Title Renewable Chemicals Act of 2017 Short Titles as Introduced Renewable Chemicals Act of 2017 Official Title as Introduced A bill 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 Senate 2017-10-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1980is/xml/BILLS-115s1980is.xml 2017-10-18 Read twice and referred to the Committee on Finance. 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.