This bill would end certain federal taxes on chemicals and chemical-based substances. It does this by removing parts of the tax code that create these excise taxes, with the change set to start on January 1, 2024.

In plain terms, businesses that make or import these taxed chemicals would no longer owe those specific federal taxes. This could change costs for products that use these materials, depending on how companies respond.

• Who is affected: Companies that produce or import taxable chemicals and substances
• What changes: The federal excise taxes on those chemicals are repealed by striking the related sections of the tax code (subchapters B and C of chapter 38)
• When: Takes effect January 1, 2024