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

Introduced:
Aug 02, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Debbie Stabenow
Senator from Michigan
Party
Democrat
Text
Read Text »
Last Updated
Aug 02, 2012
Length
8 pages
Related Bills
S. 1267 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jun 27, 2013

H.R. 4953 (Related)
Qualifying Renewable Chemical Production Tax Credit Act of 2012

Referred to Committee
Last Action: Apr 26, 2012

 
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
 
Full Title

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

Summary

No summaries available.

Cosponsors
none
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of S. 3491 (112th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus