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Senator Stabenow Introduces Legislation To Provide Tax Credits For Renewable Chemical Production
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On November 10, 2015, Senator Stabenow (D-MI), along with Senators Coons (D-DE) and Franken (D-MN), introduced S. 2271, the Renewable Chemicals Act of 2015 to the Senate. If passed, the bill would amend the Internal Revenue Code of 1986 to create short-term tax credits for the production of renewable chemicals and for investments in renewable chemical production facilities. Producing eligible renewable chemicals from biomass feedstock would result in a tax credit of 15 cents per pound of renewable chemicals produced, or producers could take a 30 percent investment tax credit for qualified investments on new renewable chemical production facilities. S. 2271 has been referred to the Committee on Finance. The companion bill in the House of Representatives is H.R. 3390, Qualifying Renewable Chemical Production or Investment Tax Credit Act of 2015.