Qualifying Renewable Chemical Production Tax Credit Act of 2013
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 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.
What just happenedSep 12, 2013
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseSep 12, 2013
- Sep 12, 2013IntroReferralH11100
Referred to the House Committee on Ways and Means.
- Sep 12, 2013IntroReferralIntro-H
Introduced in House
- Sep 12, 2013IntroReferral1000
Introduced in House