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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|
|See it on||GovTrack|
|See it on||C-SPAN|
- Bill introduced in the House
- Bill passed in the House
- Bill passed in the Senate
- Bill signed into law
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)
|Sept. 12, 2013||Referred to the House Committee on Ways and Means.|