S 4931 · 118th Congress · Taxation

Renewable Chemicals Act of 2024

Introduced 2024-08-01· Sponsored by Sen. Brown, Sherrod [D-OH]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Finance.(2024-08-01)

Plain Language Summary

[AI summary unavailable — showing source text] Renewable Chemicals Act of 2024 This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for u p 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

Cosponsors (1)

1 Republican
Sen. Ricketts, Pete [R-NE]NE