S 1267 · 113th Congress · Taxation

Qualifying Renewable Chemical Production Tax Credit Act of 2013

Introduced 2013-06-27· Sponsored by Sen. Stabenow, Debbie [D-MI]· Senate

Bill Progress

Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Finance.(2013-06-27)

Plain Language Summary

[AI summary unavailable — showing source text] 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

Cosponsors (1)

1 Democrat