Like Countable?

Install the App
TRY NOW

bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Senate Committee on Finance
    IntroducedJune 27th, 2013

Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.

Suggest an update to this bill using our form.

Title

Qualifying Renewable Chemical Production Tax Credit Act of 2013

Official Title

A bill to cut taxes for innovative businesses that produce renewable chemicals.

Summary

Qualifying Renewable Chemical Production Tax Credit Act of 2013 - 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.  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.

    There are currently no opinions on this bill, be the first to add one!