US Congress Senate Bill 1267 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on June 27 2013 - 25% progression, died in committee
Action: 2013-06-27 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Qualifying Renewable Chemical Production Tax Credit Act of 2013 - 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. 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.

Qualifying Renewable Chemical Production Tax Credit Act of 2013

Sen. Debbie Stabenow [D-MI]

Sen. Al Franken [D-MN]

Date	Chamber	Action
2013-06-27	Senate	Read twice and referred to the Committee on Finance.

HB3084 (Related) 2013-09-12 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/1267/all-info
Text	https://www.congress.gov/113/bills/s1267/BILLS-113s1267is.pdf