H.R.3084: Qualifying Renewable Chemical Production Tax Credit Act of 2013

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about taxation
You can read the bill
Sponsor Bill Pascrell Jr., D-N.J.
Total Cosponsors 5 (4 Democrats, 1 Republican)
Introduced Sept. 12, 2013
Latest Major Action Sept. 12, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

Qualifying Renewable Chemical Production Tax Credit Act of 2013 - Expresses the sense of Congress that the United States should encourage the domestic production of renewable chemicals.

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 for the production of chemical products, polymers, plastics, or as chemicals, polymers, plastics, or formulated products; and (3) not sold or used for the production of any food, feed, or fuel.  Exempts certain chemicals, including those with a biobased content of less than 25%.

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...

(Source: Congressional Research Service)

Bill Actions

Date Description
Sept. 12, 2013 Referred to the House Committee on Ways and Means.