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Tax Credits for Renewable Chemical Production and Facility Investments

This act introduces new tax credits for companies that produce chemicals from renewable sources like biomass. The goal is to encourage investment in green technologies and create new jobs in the green chemistry sector. Citizens may indirectly benefit from a more sustainable economy and potentially lower prices for products made with these chemicals.
Key points
Companies producing chemicals from biomass can receive a tax credit of 15% of the sales price for each pound of renewable chemical produced.
Investment credits of 30% are also available for building or upgrading renewable chemical production facilities.
The total amount of credits is capped at $500 million nationwide, with a $125 million limit per taxpayer.
Selection criteria for receiving credits include job creation, reduced reliance on fossil fuels, and technological innovation.
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Additional Information
Print number: 117_HR_2532
Sponsor: Rep. Pascrell, Bill, Jr. [D-NJ-9]
Process start date: 2021-04-14
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Renewable Chemicals Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2532.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-14.

What are the main provisions?

Key points include:

  • Companies producing chemicals from biomass can receive a tax credit of 15% of the sales price for each pound of renewable chemical produced.
  • Investment credits of 30% are also available for building or upgrading renewable chemical production facilities.
  • The total amount of credits is capped at $500 million nationwide, with a $125 million limit per taxpayer.
  • Selection criteria for receiving credits include job creation, reduced reliance on fossil fuels, and technological innovation.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Pascrell, Bill, Jr. [D-NJ-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Environment Economy