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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.
Referred to the House Committee on Ways and Means.
Introduced January 22, 2025 by Beth Van Duyne · Last progress 1 year ago
Chemical Tax Repeal Act