Democratic senators propose short-term tax credit for production of renewable chemicals

In Washington, Senator Debbie Stabenow (D-MI) and co-sponsors Sens. Tammy Baldwin (D-WI), Susan Collins (R-ME), Chris Coons (D-DE), and Al Franken (D-MN) have introduced the Renewable Chemicals Act of 2017 (S.1980) that would create a targeted, short-term tax credit for production of qualifying renewable chemicals from biomass or investment in production facilities. Applicants for the tax credit would be evaluated on job creation, innovation, environmental benefits, commercial viability and contribution to U.S. energy independence.

The Senate bill is companion legislation to H.R. 3149 – The Renewable Chemicals Act of 2017, introduced in the House in June by Rep. Bill Pascrell (D-NJ).