H.R.3084 - Qualifying Renewable Chemical Production Tax Credit Act of 2013113th Congress (2013-2014)
|Sponsor:||Rep. Pascrell, Bill, Jr. [D-NJ-9] (Introduced 09/12/2013)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 09/12/2013 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3084 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (09/12/2013)
Qualifying Renewable Chemical Production Tax Credit Act of 2013 - Expresses the sense of Congress that the United States should encourage the domestic production of renewable chemicals.
Amends the Internal Revenue Code to allow a business-related tax credit for the production of renewable chemicals. Defines "renewable chemical" as any chemical that is: (1) produced in the United States from renewable biomass; (2) sold or used by the taxpayer for the production of chemical products, polymers, plastics, or as chemicals, polymers, plastics, or formulated products; and (3) not sold or used for the production of any food, feed, or fuel. Exempts certain chemicals, including those with a biobased content of less than 25%.
Directs the Secretary of Agriculture to establish a five-year program to allocate credit amounts. Limits the total amount of allocable credits under such program to $500 million, with a limit of $25 million to any taxpayer in any taxable year.