S. 3491 (112th): Qualifying Renewable Chemical Production Tax Credit Act of 2012

Introduced:
Aug 02, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Debbie Stabenow [D-MI]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on August 2, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 02, 2012
Referred to Committee Aug 02, 2012
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

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

Summary

No summaries available.

Text

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Last updated Aug 02, 2012.
8 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/2/2012--Introduced.
Qualifying Renewable Chemical Production Tax Credit Act of 2012 - 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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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