Qualifying Renewable Chemical Production or Investment Tax Credit Act of 2015

Summary

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.

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Timeline

1. 29 July 2015

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 29 July 2015

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 July 2015

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 July 2015 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 July 2015

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 July 2015

  Open at official source

Sponsors

• Bill Pascrell · D · Sponsor
• Rep. Fitzpatrick, Michael G. [R-PA-8] · R · Sponsor
• Richard Neal · D · Sponsor
• Rep. Ashford, Brad [D-NE-2] · D · Cosponsor
• Ryan Costello · R · Cosponsor
• Linda Sánchez · D · Cosponsor
• RICHARD NOLAN · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Renewable Chemicals Act of 2015