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H.R.4953 - Qualifying Renewable Chemical Production Tax Credit Act of 2012

To amend the Internal Revenue Code of 1986 to provide a credit for the production of renewable chemicals. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide a credit for the production of renewable chemicals. as introduced.
  • Short: Qualifying Renewable Chemical Production Tax Credit Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
04/26/12
 
 
 
 
 
 
 

Official Summary

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 biom

Official Summary

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.  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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