24. December 2020 Meghan Sapp

Renewable Chemicals Act bill introduced into House to support industry through tax credits

In Washington, U.S. Reps. Bill Pascrell, Jr. (D-NJ-09) and Brian Fitzpatrick (R-PA-01) have introduced the Renewable Chemicals Act, legislation that will create an allocated tax credit for production of qualifying renewable chemicals from biomass or investment in production facilities. The bill will accelerate commercialization of the renewable chemicals and biobased products and help build a resilient biobased economy.  Applicants for the tax credit will be evaluated on job creation, innovation, environmental benefits, commercial viability, and contribution to U.S. energy independence.