Tax Credits for Renewable Chemical Production and Manufacturing Facility Investments.
This law introduces new tax credits for companies that produce chemicals derived from renewable biomass instead of fossil fuels, and for those investing in new manufacturing facilities for these biobased chemicals in the U.S. The goal is to boost sustainable production, create jobs, and reduce reliance on petroleum. The total amount of allocated credits nationwide is capped at $500 million.
Key points
Companies can receive a production tax credit equal to 15% of the sales price per pound of qualifying renewable chemicals (at least 95% biobased content).
Alternatively, companies can claim a 30% investment tax credit for building new facilities dedicated to producing these renewable chemicals.
Credit allocation is competitive, prioritizing projects based on job creation, technological innovation, energy efficiency, and reduced dependence on imported or fossil feedstocks.
The program for allocating these tax credits is set to terminate five years after the law's enactment.
Status:
Expired
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