This bill amends the Internal Revenue Code of 1986 to create two distinct tax credits aimed at fostering the renewable materials industry. The first, the Renewable Materials Production Credit , provides a credit of 10 cents per pound for qualified renewable material produced by a taxpayer at a domestic facility and then sold to an unrelated person or used in the taxpayer's trade or business. Qualified renewable material is defined as the biobased carbon content portion of products derived from biomass, specifically excluding materials suitable for fuel, electricity generation, food, feed, or those produced from non-domestic biomass or through co-processing with non-biomass feedstocks. This credit is limited to $10,000,000 per facility per year and applies for a 10-year qualifying credit period. The second credit established is the Renewable Materials Investment Credit , which offers an amount equal to 30 percent of the qualified investment in a qualified facility. A qualified investment includes the basis of tangible personal property or other integral tangible property (excluding buildings) placed in service, used in the production of qualified renewable material, and part of a qualified facility. A qualified facility is defined similarly to the renewable material production facility, but a facility cannot claim both the production and investment credits. Both credits are made transferable and are part of the general business credit, with the Secretary of the Treasury, in consultation with the Secretary of Agriculture, mandated to issue implementing regulations within 180 days of enactment. The production credit applies to material produced on or after the date of enactment, while the investment credit applies to property placed in service after enactment.