To amend the Internal Revenue Code of 1986 to establish tax credits for the production of, and investment in, certain renewable materials.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill creates two new tax credits to encourage the production and investment in renewable materials. The first credit, for production, allows taxpayers to claim a credit based on the weight of qualified renewable material produced at a designated facility and sold or used in their business. The second credit, for investment, provides a 30% tax credit for investments in qualified facilities that produce these materials. Both credits are coordinated with existing tax incentives and are subject to certain limitations and definitions related to the types of renewable materials eligible.
Key provisions
- Creates a 10-cent per pound tax credit for qualified renewable material production.
- Defines ‘qualified renewable material’ as biobased carbon content from biomass produced using specific conversion methods.
- Establishes a 30% tax credit for qualified investment in renewable material production facilities.
- Defines ‘qualified investment’ as the basis of property placed in service at a qualified facility.
- A ‘qualified facility’ is defined as a renewable material production facility.
- Coordinates the renewable materials production credit with the clean fuel production credit.
- Allows the renewable materials production and investment credits to be transferred.
- Limits the amount of the renewable materials production credit to $10 million per facility.
Who is affected
- Manufacturers of renewable materials
Bill text
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