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Tax Credits for Renewable Chemical Production and Facilities

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, while reducing reliance on fossil fuels. Citizens may indirectly benefit from the growth of a greener economy and innovation.
Key points
Companies producing chemicals from biomass can receive a tax credit of 15% of the sales price.
Tax credits of 30% are also available for investments in new renewable chemical production facilities.
The total amount of credits is capped at $500 million nationwide, with a $125 million limit per taxpayer.
Projects creating jobs, reducing reliance on petroleum and fossil fuels, and demonstrating innovation and energy efficiency will be prioritized.
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Additional Information
Print number: 118_HR_6532
Sponsor: Rep. Pascrell, Bill, Jr. [D-NJ-9]
Process start date: 2023-11-30
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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 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6532.

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 2023-11-30.

What are the main provisions?

Key points include:

  • Companies producing chemicals from biomass can receive a tax credit of 15% of the sales price.
  • Tax credits of 30% are also available for investments in new renewable chemical production facilities.
  • The total amount of credits is capped at $500 million nationwide, with a $125 million limit per taxpayer.
  • Projects creating jobs, reducing reliance on petroleum and fossil fuels, and demonstrating innovation and energy efficiency will be prioritized.
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 2025-12-25.

CATEGORIES

Taxes Environment Economy