S. 4931 · 118th Congress
Renewable Chemicals Act of 2024
- Stage
- In committee
- Sponsor
- Sherrod Brown
- Introduced
- 2024-08-01
- Latest action
- 2024-08-01 · Introduced in Senate
Summary
Renewable Chemicals Act of 2024
This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for u p to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content.
The bill also allows a 30% tax credit for investment in renewable chemical production facilities.