Renewable Chemicals Act of 2023

This bill creates tax incentives to support the production of renewable chemicals in the United States. It establishes two main credits: a 15% production credit on qualifying renewable chemicals (which must be at least 95% biobased, produced from renewable biomass in the U.S., and not used for food, feed, fuel, or pharmaceuticals) and a 30% investment credit for facilities producing these chemicals. The credits are subject to a $500 million national limit and $125 million per company cap, with allocations based on factors like job creation, reduced reliance on fossil fuels, and commercial viability. These credits are available for 5 years after enactment and can be used to offset the alternative minimum tax.