S.1267 - Qualifying Renewable Chemical Production Tax Credit Act of 2013113th Congress (2013-2014)
|Sponsor:||Sen. Stabenow, Debbie [D-MI] (Introduced 06/27/2013)|
|Committees:||Senate - Finance|
|Latest Action:||06/27/2013 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1267 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (06/27/2013)
Qualifying Renewable Chemical Production Tax Credit Act of 2013 - 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 as polymers, plastics, or formulated products or for the production of 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.