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ADVERTISEMENT Reps. Bill Pascrell Jr., D-N.J., and Brian Fitzpatrick, R-Pa., on Dec. 4 introduced the Renewable Chemicals Act, which aims to create an allocated tax credit to support the production of biobased chemicals or support investment in production facilities that produce renewable chemicals. The bill would establish a production tax credit for renewable chemicals equal to 15 percent of the sales price of each pound of renewable chemical produced by the taxpayer or for the taxpayer by a contract manufacturer and sold for fair market value. The credit would be reduced for chemicals do not have 100 percent biobased content. Eligible renewable chemicals must be produced in the U.S. using renewable biomass and have at least 95 percent biobased content. Chemicals sold or used for the production of food, feed, fuel or pharmaceuticals would not be eligible. Chemical intermediates, however, would be considered eligible.

United statesNew jerseyBill pascrellMikie sherrillIrina singhBrian fitzpatrickStephanie batchelorHugh welshPascrell jrFuels chemicals coalitionRenewable chemicals actCongressman pascrellAlternative fuelsRepresentatives pascrellஒன்றுபட்டது மாநிலங்களில்புதியது ஜெர்சி