Renewable Chemicals Act of 2024

The Renewable Chemicals Act of 2024 creates tax credits for U.S. manufacturers producing certified renewable chemicals and building related facilities. It provides a 15% production credit on sales of chemicals meeting strict criteria (95% biobased content, made from U.S. renewable biomass, not used for food/fuel, and USDA-certified), plus a 30% investment credit for facility construction. Credits are capped at $500 million nationally and $25 million per company, with allocations prioritizing job creation, reduced fossil fuel dependence, and lifecycle emissions reductions. The credits expire after five years and require specific certifications under USDA and IRS rules.