US HB3390 | 2015-2016 | 114th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 5-2)
Status: Introduced on July 29 2015 - 25% progression, died in committee
Action: 2015-07-29 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 29 2015 - 25% progression, died in committee
Action: 2015-07-29 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Qualifying Renewable Chemical Production or Investment Tax Credit Act of 2015 This bill amends the Internal Revenue Code to allow a business-related tax credit for the production of renewable chemicals. The bill defines "renewable chemical" as any chemical that: (1) is produced in the United States from renewable biomass; (2) is sold or used for the production of chemical products, polymers, plastics, or formulated products or as chemicals, polymers, plastics, or formulated products; (3) has a biobased content of 95% or higher; (4) is the product of, or reliant upon, biological or thermal conversion of renewable biomass; (5) is not sold or used for the production of any food, feed, or fuel; and (6) is not a combination of certain specified renewable chemicals. The bill also allows a tax credit for investment in renewable chemical production facilities. The bill requires the Department of Agriculture to establish a program to allocate renewable chemical tax credit amounts to eligible taxpayers and imposes an aggregate limit on the amount of credits that may be allocated to not more than $500 million during the 5-year period after enactment of this Act.
Title
Qualifying Renewable Chemical Production or Investment Tax Credit Act of 2015
Sponsors
Rep. Bill Pascrell [D-NJ] | Rep. Michael Fitzpatrick [R-PA] | Rep. Richard Neal [D-MA] | Rep. Brad Ashford [D-NE] |
Rep. Ryan Costello [R-PA] | Rep. Linda Sanchez [D-CA] | Rep. Richard Nolan [D-MN] |
History
Date | Chamber | Action |
---|---|---|
2015-07-29 | House | Referred to the House Committee on Ways and Means. |
2015-07-29 | House | Introduced in House |
Same As/Similar To
SB2271 (Related) 2015-11-10 - Read twice and referred to the Committee on Finance.
Subjects
Alternative and renewable resources
Business investment and capital
Chemistry
Income tax credits
Industrial facilities
Manufacturing
Materials
Taxation
Business investment and capital
Chemistry
Income tax credits
Industrial facilities
Manufacturing
Materials
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/3390/all-info |
Text | https://www.congress.gov/114/bills/hr3390/BILLS-114hr3390ih.pdf |