HR 8879 · 116th Congress · Taxation
Renewable Chemicals Act of 2020
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the House Committee on Ways and Means.(2020-12-04)
Plain Language Summary
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Renewable Chemicals Act of 2020 This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for up to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content. The bill also allows a 30% tax credit for investment in renewable chemical production facilities.…
Summarized by Claude AI · Non-partisan · For informational purposes only