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Chemical Tax Repeal Act: Eliminating Excise Taxes on Chemicals and Substances.

This bill proposes to completely eliminate federal excise taxes currently imposed on specific chemicals and chemical substances. If enacted, this could reduce manufacturing costs across various industries, potentially leading to lower prices for everyday goods like plastics, fertilizers, or pharmaceuticals. The changes are intended to take effect retroactively from January 1, 2024.
Key points
Repeal of federal excise taxes on taxable chemicals and substances, potentially lowering costs for manufacturers.
Possible reduction in consumer product prices that rely on chemicals (e.g., household goods, fuels, medicines).
The tax law changes are set to take effect retroactively, starting January 1, 2024.
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Status: Introduced
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Additional Information
Print number: 119_HR_640
Sponsor: Rep. Van Duyne, Beth [R-TX-24]
Process start date: 2025-01-22