Official Summary

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 Unit

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Official Summary

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.

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