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]

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.

Tracking Information

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Title

Qualifying Renewable Chemical Production or Investment Tax Credit Act of 2015

Sponsors


History

DateChamberAction
2015-07-29HouseReferred to the House Committee on Ways and Means.
2015-07-29HouseIntroduced in House

Same As/Similar To

SB2271 (Related) 2015-11-10 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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