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HR 2532 United States House · 117th Congress

Renewable Chemicals Act of 2021

Summary
Renewable Chemicals Act of 2021 This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for up to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content. The bill also allows a 30% tax credit for investment in renewable chemical production facilities.
Issues: ✓ Budget & TaxesSupports Budget & TaxesProvides tax credits for renewable chemical production, reducing business tax burden and incentivizing investment.95% confidence ✓ EnergySupports EnergyBill provides tax credits for renewable chemical production from biomass, directly promoting renewable energy infrastructure and reducing fossil fuel dependence through clean energy investment.95% confidence ✓ EnvironmentSupports EnvironmentProvides tax credits for renewable chemicals from biomass, promoting cleaner production and reducing reliance on fossil-based alternatives, aligning with environmental protection goals.85% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Apr 2021
Committee Review
Floor Vote
President
Introduced Apr 14, 2021 Last action Apr 14, 2021
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Apr 14, 2021
Committee
Referred to the House Committee on Ways and Means.
lower
Apr 14, 2021
Introduced
Introduced in House
lower
1 primary · 2 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Bill Pascrell, Jr.
Bill Pascrell, Jr.
DDemocratic
NJ
9
Co
Photo of Brian K. Fitzpatrick
Brian K. Fitzpatrick
RRepublican
PA
1
Co
Photo of Dean Phillips
Dean Phillips
DDemocratic
MN
3