HR 8879
116th Congress
House
Taxation
Alternative and renewable resources
Income tax credits
Industrial facilities
Manufacturing
Materials
Renewable Chemicals Act of 2020
Introduced: December 4, 2020
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 4, 2020
Referred to the House Committee on Ways and Means.
Dec 4, 2020
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1