H.R. 4953 · 112th Congress
Qualifying Renewable Chemical Production Tax Credit Act of 2012
- Stage
- In committee
- Sponsor
- Bill Pascrell
- Introduced
- 2012-04-26
- Latest action
- 2012-05-02 · Referred to the Subcommittee on Trade.
Summary
Qualifying Renewable Chemical Production Tax Credit Act of 2012 - Amends the Internal Revenue Code to allow a business-related tax credit for the production of renewable chemicals.
Defines "renewable chemical" as any chemical that is: (1) produced in the United States from renewable biomass; (2) sold or used by the taxpayer as polymers, plastics, or formulated products or for the production of polymers, plastics, or formulated products; and (3) not sold or used for the production of any food, feed, or fuel.
Directs the Secretary of Agriculture to establish a five-year program to allocate credit amounts. Limits the total amount of allocable credits under such program to $500 million, with a limit of $25 million to any taxpayer in any taxable year.