,i #aacth ,,congress #ast ,session ,h4 ,r4 #cjhd ,,in ,,the ,,house ,,of ,,representatives ,september #ab1 #bjac,mr4 ,pascrell 7for himself1 ,mr4 ,stockman1 ,ms4 ,schwartz1 ,ms4 ,linda ,t4 ,snchez of ,california1 and ,mr4 ,neal7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide a credit for the production of renewable chemicals4 #a4 ,short title2 findings2 sense of ,congress 7a7 ,short title ,this ,act may be cited as the ,qualifying ,renewable ,chemical ,production ,tax ,credit ,act of #bjac4 7b7 ,findings ,congress finds that a successful bio-based products industry represents-- 7#a7 a historic opportunity to add jobs to the ,united ,states chemicals and plastics sectors1 7#b7 an opportunity to increase energy security in the ,united ,states and ,western ,hemisphere1 7#c7 a prime opportunity to reduce the dependence of the ,united ,states on foreign oil1 7#d7 an opportunity to increase the supply of petroleum products available to the fuel markets1 thereby keeping costs of petroleum-based products low1 7#e7 the prospect of driving business to downstream facilities by integrating bio-based products production into existing networks1 and 7#f7 a great opportunity to attract capital to both new and existing facilities4 7c7 ,sense of ,congress ,it is the sense of ,congress that the ,united ,states should encourage domestic production of renewable chemicals4 #b4 ,credit for the production of renewable chemicals 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #de,s4 ,credit for production of renewable chemicals 7a7 ,in general ,for purposes of section #ch1 the renewable chemicals production credit for any taxable year is an amount 7determined separately for each renewable chemical produced by the taxpayer7 equal to #j4ae per pound of eligible content of renewable chemical produced by the taxpayer during the taxable year4 7b7 ,limitation ,the credit determined under subsection 7a7 with respect to any renewable chemical produced by any taxpayer during any taxable year shall not exceed the credit amount allocated by the ,secretary to the taxpayer with respect to such chemical for such taxable year under subsection 7e74 7c7 ,eligible content ,for purposes of this section-- 7#a7 ,in general ,the term eligible content means1 with respect to any renewable chemical1 the biobased content percentage of the total mass of organic carbon in such chemical4 7#b7 ,biobased content percentage ,the term biobased content percentage means1 with respect to any renewable chemical1 the biobased content of such chemical 7expressed as a percentage7 determined by testing representative samples using the ,american ,society for ,testing and ,materials 7,,astm7 ,d#fhff4 7d7 ,renewable chemical ,for purposes of this section-- 7#a7 ,in general ,the term renewable chemical means any chemical which-- 7,a7 is produced by the taxpayer in the ,united ,states 7or in a territory or possession of the ,united ,states7 from renewable biomass1 7,b7 is sold1 or used1 by the taxpayer-- 7i7 for the production of chemical products1 polymers1 plastics1 or formulated products1 or 7ii7 as chemicals1 polymers1 plastics1 or formulated products1 and 7,c7 is not sold or used for the production of any food1 feed1 or fuel4 7#b7 ,exceptions ,such term shall not include any chemical if-- 7,a7 the biobased content percentage of such chemical is less than #be percent1 7,b7 #aj1jjj1jjj pounds or more of such chemical was produced during calendar year #bjjj from renewable biomass1 7,c7 such chemical is not either the product of1 or reliant upon1 biological conversion1 thermal conversion1 or a combination of biological and thermal conversion1 of renewable biomass1 or 7,d7 such chemical is composed of renewable chemicals that are eligible for a credit under this section4 7#c7 ,renewable biomass ,the term renewable biomass has the meaning given such term in section #ijja7ab7 of the ,farm ,security and ,rural ,investment ,act of #bjjb 7#g ,u4,s4,c4 #haja7ab774 7e7 ,allocation of credit amounts 7#a7 ,in general ,not later than #ahj days after enactment of this section1 the ,secretary1 in consultation with the ,secretary of ,agriculture1 shall establish a program to allocate credit amounts under this section to applicants for taxable years4 7#b7 ,limitations 7,a7 ,aggregate limitation ,the total amount of credits that may be allocated under such program shall not exceed #ejj1jjj1jjj4 7,b7 ,taxpayer limitation ,the amount of credits that may be allocated to any taxpayer for any taxable year under such program shall not exceed #be1jjj1jjj4 ,for purposes of the preceding sentence1 all persons treated as a single employer under subsection 7a7 or 7b7 of section #eb1 or subsection 7m7 or 7o7 of section #dad1 shall be treated as one person4 7#c7 ,selection criteria ,in determining which taxpayers to make allocations of credit amount under this section1 the ,secretary shall take into consideration-- 7,a7 the number of jobs created and maintained 7directly and indirectly7 in the ,united ,states 7including territories and possessions of the ,united ,states7 as result of such allocation during the credit period and thereafter1 7,b7 the degree to which the production of the renewable chemical demonstrates reduced dependence on imported feedstocks1 petroleum1 non-renewable resources1 or other fossil fuels1 7,c7 the technological innovation involved in the production method of the renewable chemical1 7,d7 the energy efficiency and reduction in lifecycle greenhouse gases of the renewable chemical or of the production method of the renewable chemical1 and 7,e7 whether there is a reasonable expectation of commercial viability4 7#d7 ,redistribution ,if a credit amount allocated to a taxpayer for a taxable year with respect to any renewable chemical 7determined without regard to this paragraph7 exceeds the amount of the credit with respect to such chemical determined under this section on the taxpayer's return for such taxable year-- 7,a7 the credit amount allocated to such taxpayer for such taxable year with respect to such renewable chemical shall be treated as being the amount so determined on the taxpayer's return1 and 7,b7 such excess may be reallocated by the ,secretary consistent with the requirements of paragraphs 7#b77;,b7 and 7#c74 7#e7 ,disclosure of allocations ,the ,secretary shall1 upon making an allocation of credit amount under this section1 publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant4 7f7 ,termination ,notwithstanding any other provision of this section1 the ,secretary may not allocate any credit amount under this section to any taxable year which begins more than #e years after the date of the enactment of this section4 4 7b7 ,credit ,to be part of general business credit 7#a7 ,in general ,subsection 7b7 of section #ch of such ,code is amended by striking plus at the end of paragraph 7#ce71 by striking the period at the end of paragraph 7#cf7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#cg7 the renewable chemicals production credit determined under section #de,s7a74 4 7#b7 ,credit allowable against alternative minimum tax ,subparagraph 7,b7 of section #ch7;c77#d7 of such ,code is amended by redesignating clauses 7vii7 through 7ix7 as clauses 7viii7 through 7x71 respectively1 and by inserting after clause 7vi7 the following new clause3 7vii7 the credit determined under section #de,s1 4 7c7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by adding at the end the following new item3 ,sec4 #de,s4 ,credit for production of renewable chemicals4 4 7d7 ,effective date ,the amendments made by this section shall apply to chemicals produced after the date of the enactment of this ,act1 in taxable years ending after such date4