S 615
Chemical Tax Repeal Act
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill seeks to eliminate excise taxes on certain chemicals and substances as outlined in the Internal Revenue Code. Specifically, it proposes to repeal subchapters B and C of Chapter 38, which currently impose these taxes. The changes would take effect on January 1, 2025. This repeal aims to remove a tax on these materials.
Key provisions
- Repeals excise taxes on taxable chemicals.
- Repeals excise taxes on taxable substances.
- Amends Chapter 38 of the Internal Revenue Code.
- Specifically targets subchapters B and C of Chapter 38.
- Sets an effective date of January 1, 2025.
Who is affected
- Chemical manufacturers
- Chemical distributors
- Taxpayers subject to the excise taxes
- The Internal Revenue Service
Notable changes
- Removes existing excise tax provisions related to chemicals and substances.
- No exceptions or carve-outs are explicitly mentioned in the text.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.
119th CONGRESS — 1st Session
S. 615
IN THE SENATE OF THE UNITED STATES
A BILL
To amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances.
This Act may be cited as the Chemical Tax Repeal Act
.
The amendments made by this section shall take effect on January 1, 2025.