arrow_back Back to App

Repeal of Federal Excise Taxes on Taxable Chemicals and Substances.

This bill aims to completely eliminate federal excise taxes imposed on specific chemicals and chemical substances. This change could potentially lower production costs for the chemical industry, which might eventually affect the prices of everyday products like fertilizers, plastics, or medicines. The repeal is proposed to take effect retroactively from January 1, 2023.
Key points
Complete removal of the chapter concerning excise taxes on chemicals and substances from the Internal Revenue Code.
Potential reduction in costs for companies manufacturing or using these substances, which may lead to lower consumer prices.
The changes are effective retroactively, starting from January 1, 2023.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_1195
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2023-04-19
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Chemical Tax Repeal Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1195.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-04-19.

What are the main provisions?

Key points include:

  • Complete removal of the chapter concerning excise taxes on chemicals and substances from the Internal Revenue Code.
  • Potential reduction in costs for companies manufacturing or using these substances, which may lead to lower consumer prices.
  • The changes are effective retroactively, starting from January 1, 2023.
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 Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Economy Environment