Renewable Chemicals Act of 2020 This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for up to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content. The bill also allows a 30% tax credit for investment in renewable chemical production facilities.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Alternative and renewable resourcesIncome tax creditsIndustrial facilitiesManufacturingMaterials
Renewable Chemicals Act of 2020
USA116th CongressHR-8879| House
| Updated: 12/4/2020
Renewable Chemicals Act of 2020 This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for up to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content. The bill also allows a 30% tax credit for investment in renewable chemical production facilities.