US SB3491 | 2011-2012 | 112th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on August 2 2012 - 25% progression, died in committee
Action: 2012-08-02 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on August 2 2012 - 25% progression, died in committee
Action: 2012-08-02 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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. 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.
Title
Qualifying Renewable Chemical Production Tax Credit Act of 2012
Sponsors
Sen. Debbie Stabenow [D-MI] |
History
Date | Chamber | Action |
---|---|---|
2012-08-02 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB4953 (Related) 2012-05-02 - Referred to the Subcommittee on Trade.
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/senate-bill/3491/all-info |
Text | https://www.congress.gov/112/bills/s3491/BILLS-112s3491is.pdf |