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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Renewable Chemicals Act of 2017

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to provide credits for the production of renewable chemicals and investments in renewable chemical production facilities, and for other purposes.

Actions Overview (1)

Date Actions Overview
10/18/2017Introduced in Senate

All Actions (1)

Date All Actions
10/18/2017Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (5)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Collins, Susan M. [R-ME]* 10/18/2017
Sen. Coons, Christopher A. [D-DE]* 10/18/2017
Sen. Franken, Al [D-MN]* 10/18/2017
Sen. Baldwin, Tammy [D-WI]* 10/18/2017
Sen. King, Angus S., Jr. [I-ME] 02/13/2018

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Finance10/18/2017 Referred to

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Subjects (8)

Latest Summary (1)

There is one summary for S.1980. View summaries

Shown Here:
Introduced in Senate (10/18/2017)

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.