S 1267 · 113th Congress · Taxation
Qualifying Renewable Chemical Production Tax Credit Act of 2013
Bill Progress
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Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Finance.(2013-06-27)
Plain Language Summary
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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.…
Summarized by Claude AI · Non-partisan · For informational purposes only