Renewable Chemicals Act of 2024

Renewable Chemicals Act of 2024

This bill allows a new tax credit for the production of renewable chemicals.
Specifically, it allows a credit for u p 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.