To amend the Internal Revenue Code of 1986 to provide a credit for the production of renewable chemicals.
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.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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