,,ii #aac? ,,congress #a/ ,session ,s4 #abfg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #bg1 #bjac ,ms4 ,/ab5[ introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to cut taxes = innovative bus9esses t produce r5ewable *emicals4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,qualify+ ,r5ewable ,*emical ,production ,tax ,cr$it ,act ( #bjac4 #b4 ,cr$it = ! production ( r5ewable *emicals 7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #de,s4 ,cr$it = production ( r5ewable *emicals 7a7 ,9 g5]al ,= purposes ( section #ch1 ! r5ewable *emicals production cr$it = any taxable ye> is an am\nt 7det]m9$ sep>ately = ea* r5ewable *emical produc$ by ! taxpay]7 equal to #j4ae p] p\nd ( eligible cont5t ( r5ewable *emical produc$ by ! taxpay] dur+ ! taxable ye>4 7b7 ,limitation ,! cr$it det]m9$ "u subsection 7a7 ) respect to any r5ewable *emical produc$ by any taxpay] dur+ any taxable ye> %all n exce$ ! cr$it am\nt allocat$ by ! ,secret>y to ! taxpay] ) respect to su* *emical = su* taxable ye> "u subsection 7e74 7c7 ,eligible cont5t ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m eligible cont5t means1 ) respect to any r5ewable *emical1 ! biobas$ cont5t p]c5tage ( ! total mass ( organic c>bon 9 su* *emical4 7#b7 ,biobas$ cont5t p]c5tage ,! t]m biobas$ cont5t p]c5tage means1 ) respect to any r5ewable *emical1 ! biobas$ cont5t ( su* *emical 7express$ z a p]c5tage7 det]m9$ by te/+ repres5tative samples us+ ! ,am]ican ,society = ,te/+ & ,mat]ials 7,,a/m7 ,d#fhff4 7d7 ,r5ewable *emical ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m r5ewable *emical means any *emical :i*-- 7,a7 is produc$ by ! taxpay] 9 ! ,unit$ ,/ates 7or 9 a t]ritory or possession ( ! ,unit$ ,/ates7 f r5ewable biomass1 7,b7 is sold1 or us$1 by ! taxpay]-- 7i7 = ! production ( polym]s1 pla/ics1 or =mulat$ products1 or 7ii7 z polym]s1 pla/ics1 or =mulat$ products1 & 7,c7 is n sold or us$ = ! production ( any food1 fe$1 or fuel4 7#b7 ,exceptions ,su* t]m %all n include any *emical if-- 7,a7 ! biobas$ cont5t p]c5tage ( su* *emical is less ?an #be p]c5t1 7,b7 #aj1jjj1jjj p\nds or m ( su* *emical 0 produc$ dur+ cal5d> ye> #bjjj f r5ewable biomass1 7,c7 su* *emical is n ei!r ! product (1 or reliant ^u1 biological conv]sion1 !rmal conv]sion1 or a comb9ation ( biological & !rmal conv]sion1 ( r5ewable biomass1 or 7,d7 su* *emical is compos$ ( r5ewable *emicals t are eligible = a cr$it "u ?is section4 7#c7 ,r5ewable biomass ,! t]m r5ewable biomass has ! mean+ giv5 su* t]m 9 section #ijja7ab7 ( ! ,f>m ,security & ,rural ,inve/m5t ,act ( #bjjb 7#g ,u4,s4,c4 #haja7ab774 7e7 ,allocation ( cr$it am\nts 7#a7 ,9 g5]al ,n lat] ?an #ahj days aft] enactm5t ( ?is section1 ! ,secret>y1 9 consultation ) ! ,secret>y ( ,agriculture1 %all e/abli% a program to allocate cr$it am\nts "u ?is section to applicants = taxable ye>s4 7#b7 ,limitations 7,a7 ,aggregate limitation ,! total am\nt ( cr$its t may be allocat$ "u su* program %all n exce$ #ejj1jjj1jjj4 7,b7 ,taxpay] limitation ,! am\nt ( cr$its t may be allocat$ to any taxpay] = any taxable ye> "u su* program %all n exce$ #be1jjj1jjj4 ,= purposes ( ! prec$+ s5t5ce1 all p]sons treat$ z a s+le employ] "u subsection 7a7 or 7b7 ( section #eb1 or subsection 7m7 or 7o7 ( section #dad1 %all be treat$ z "o p]son4 7#c7 ,selection crit]ia ,9 det]m9+ :i* taxpay]s to make allocations ( cr$it am\nt "u ?is section1 ! ,secret>y %all take into consid]ation-- 7,a7 ! numb] ( jobs creat$ & ma9ta9$ 7directly & indirectly7 9 ! ,unit$ ,/ates 7includ+ t]ritories & possessions ( ! ,unit$ ,/ates7 z result ( su* allocation dur+ ! cr$it p]iod & !reaft]1 7,b7 ! degree to :i* ! production ( ! r5ewable *emical demon/rates r$uc$ dep5d5ce on import$ fe$/ocks1 petroleum1 non-r5ewable res\rces1 or o!r fossil fuels1 7,c7 ! te*nological innovation involv$ 9 ! production me?od ( ! r5ewable *emical1 7,d7 ! en]gy effici5cy & r$uction 9 lifecycle gre5h\se gases ( ! r5ewable *emical or ( ! production me?od ( ! r5ewable *emical1 & 7,e7 :e!r !re is a reasonable expectation ( comm]cial viability4 7#d7 ,r$i/ribution ,if a cr$it am\nt allocat$ to a taxpay] = a taxable ye> ) respect to any r5ewable *emical 7det]m9$ )\t reg>d to ?is p>agraph7 exce$s ! am\nt ( ! cr$it ) respect to su* *emical det]m9$ "u ?is section on ! taxpay]'s return = su* taxable ye>-- 7,a7 ! cr$it am\nt allocat$ to su* taxpay] = su* taxable ye> ) respect to su* r5ewable *emical %all be treat$ z be+ ! am\nt s det]m9$ on ! taxpay]'s return1 & 7,b7 su* excess may be reallocat$ by ! ,secret>y consi/5t ) ! requirem5ts ( p>agraphs 7#b77;,b7 & 7#c74 7#e7 ,disclosure ( allocations ,! ,secret>y %all1 ^u mak+ an allocation ( cr$it am\nt "u ?is section1 publicly disclose ! id5tity ( ! applicant & ! am\nt ( ! cr$it ) respect to su* applicant4 7f7 ,t]m9ation ,not)/&+ any o!r provision ( ?is section1 ! ,secret>y may n allocate any cr$it am\nt "u ?is section to any taxable ye> :i* beg9s m ?an #e ye>s aft] ! date ( ! enactm5t ( ?is section4 4 7b7 ,cr$it ,to be "p ( g5]al bus9ess cr$it 7#a7 ,9 g5]al ,subsection 7b7 ( section #ch ( su* ,code is am5d$ by /rik+ plus at ! end ( p>agraph 7#ce71 by /rik+ ! p]iod at ! end ( p>agraph 7#cf7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#cg7 ! r5ewable *emicals production cr$it det]m9$ "u section #de,s7a74 4 7#b7 ,cr$it all[able aga9/ alt]native m9imum tax ,subp>agraph 7,b7 ( section #ch7;c77#d7 ( su* ,code is am5d$ by r$esignat+ clauses 7vii7 ?r\gh 7ix7 z clauses 7viii7 ?r\gh 7x71 respectively1 & by ins]t+ aft] clause 7vi7 ! foll[+ new clause3 7vii7 ! cr$it det]m9$ "u section #de,s1 4 7c7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #de,s4 ,cr$it = production ( r5ewable *emicals4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to *emicals produc$ aft] ! date ( ! enactm5t ( ?is ,act1 9 taxable ye>s end+ aft] su* date4