Chemical Tax Repeal Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 615 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 615 To amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES February 18, 2025 Mr. Cruz (for himself, Mr. Kennedy, Mr. Cornyn, Mr. Barrasso, and Mr. Lee) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Chemical Tax Repeal Act''. SEC. 2. REPEAL OF EXCISE TAXES ON CERTAIN CHEMICALS AND SUBSTANCES. (a) In General.--Chapter 38 of the Internal Revenue Code of 1986 is amended by striking subchapters B and C (and by striking the items relating to such subchapters in the ta…