3.0.0 8879 2023-01-11T13:44:02Z 2023-01-11T13:44:02Z House HR 2020-12-04 116 [Congressional Record Volume 166, Number 205 (Friday, December 4, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PASCRELL:H.R. 8879.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 of the United StatesConstitution.[Page H6858]]]> hswm00 Ways and Means Committee House Standing Referred to 2020-12-04T14:01:45Z 2020-12-04 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2020-12-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-12-04 Introduced in House IntroReferral 1000 9 Library of Congress P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 N F000466 Rep. Fitzpatrick, Brian K. [R-PA-1] Brian Fitzpatrick R PA K. 1 2020-12-04 True Taxation Alternative and renewable resources Income tax credits Industrial facilities Manufacturing Materials Taxation 00 2020-12-04 Introduced in House 2021-01-04T15:12:40Z Renewable Chemicals Act of 2020

This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for up 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.

]]> Renewable Chemicals Act of 2020 Display Title Renewable Chemicals Act of 2020 Short Title(s) as Introduced Renewable Chemicals Act of 2020 Introduced in House IH 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 Introduced in House 2020-12-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr8879ih/xml/BILLS-116hr8879ih.xml 2020-12-04 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.