Renewable Chemicals Act of 2015 introduced in Senate aims to provide tax credits

In Washington, a bill introduced by Sen. Debbie Stabenow, D-Mich., Renewable Chemicals Act of 2015, or S. 2271, has been sent to the Senate Finance Committee that seeks to provide tax credits for renewable chemicals production and investment in production capacity. It seeks to provide a 15 cents per pound tax credit for production of chemicals from biomass feedstock or to take a 30% investment tax credit for new installations, with a 95% biomass material minimum threshold required to qualify for the tax credits. A similar bill, H.R. 3390, was submitted to the House of Representatives in July.