Renewable Chemicals Act of 2017

Summary

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.

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Timeline

1. 18 October 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 October 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 October 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 October 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 October 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 18 October 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Collins, Susan M. [R-ME] · R · Sponsor
• Sen. Coons, Christopher A. [D-DE] · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Sponsor
• Sen. Baldwin, Tammy [D-WI] · D · Sponsor
• Sen. King, Angus S., Jr. [I-ME] · I · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Renewable Chemicals Act of 2017