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HR 4953 112th Congress House Taxation Alternative and renewable resources Income tax credits Manufacturing Materials

Qualifying Renewable Chemical Production Tax Credit Act of 2012

Introduced: April 26, 2012 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 2, 2012
Referred to the Subcommittee on Trade.
Apr 26, 2012
Referred to the House Committee on Ways and Means.
Apr 26, 2012
Introduced in House
 Plain-English summary Congressional Research Service

Qualifying Renewable Chemical Production Tax Credit Act of 2012 - 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 as polymers, plastics, or formulated products or for the production of polymers, plastics, or formulated products; and (3) not sold or used for the production of any food, feed, or fuel. 

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's happening now May 2, 2012

Referred to the Subcommittee on Trade.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1