Senate bill S4931-118

Finance Committee

Renewable Chemicals Act of 2024

• Last activity on Aug 01, 2024

• Introduced Aug 01, 2024

• By Sen. Brown, Sherrod [D-OH]

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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.

Senate Actions

IntroReferral
Aug. 01 2024	Read twice and referred to the Committee on Finance.

Library of Congress Actions

IntroReferral
Aug. 01 2024	Introduced in Senate

Senate bill S4931-118

Renewable Chemicals Act of 2024

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