H.R.3149 - Renewable Chemicals Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Pascrell, Bill, Jr. [D-NJ-9] (Introduced 06/29/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/29/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3149 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (06/29/2017)
Renewable Chemicals Act of 2017
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 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 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 bill.