HR 8879
Renewable Chemicals Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Renewable Chemicals Act of 2020 creates tax credits to encourage the production of renewable chemicals and investment in facilities that make them. It offers a 15% tax credit for the sales price of each pound of renewable chemical produced in the United States, meeting specific biobased content and use criteria. Additionally, it provides a 30% tax credit for investment in renewable chemical production facilities. These incentives aim to boost the domestic production of sustainable chemicals and reduce reliance on fossil fuels.
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Primary sponsor
Bill, Jr. Pascrell
Cosponsor
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