,,ii #aae? ,,congress #a/ ,session ,s4 #aihj ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,octob] #ah1 #bjag,ms4 ,/ab5[ 7= h]self1 ,ms4 ,coll9s1 ,mr4 ,coons1 ,mr4 ,frank51 & ,ms4 ,baldw97 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide cr$its = ! production ( r5ewable *emicals & inve/m5ts 9 r5ewable *emical production facilities1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,r5ewable ,*emicals ,act ( #bjag4 #b4 ,cr$its = production ( r5ewable *emicals & inve/m5ts 9 r5ewable *emical production facilities 7a7 ,production ( r5ewable *emicals 7#a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #de,s4 ,cr$it = production ( r5ewable *emicals 7a7 ,9 g5]al ,= purposes ( section #ch1 ! production cr$it = r5ewable *emicals = any taxable ye> is an am\nt 7det]m9$ sep>ately = ea* r5ewable *emical7 equal to #j4ae p] p\nd ( biobas$ cont5t ( ea* r5ewable *emical produc$ dur+ ! taxable ye>-- 7#a7 by ! taxpay]1 or 7#b7 = ! taxpay] by a contract manufactur] "u a b9d+ writt5 agreem5t4 7b7 ,limitation ,! am\nt ( ! cr$it det]m9$ "u subsection 7a7 ) respect to a r5ewable *emical produc$ dur+ any taxable ye> %all n exce$ ! cr$it am\nt allocat$ = purposes ( ?is section by ! ,secret>y to ! taxpay] ) respect to su* *emical = su* taxable ye> "u section #dh;,e7e74 7c7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,r5ewable *emical ,! t]m r5ewable *emical means any *emical :i*-- 7,a7 is produc$ 9 ! ,unit$ ,/ates 7or 9 a t]ritory or possession ( ! ,unit$ ,/ates7 f r5ewable biomass1 7,b7 is sold or us$ by ! taxpay]-- 7i7 = ! production ( *emical products1 polym]s1 pla/ics1 or =mulat$ products1 or 7ii7 z *emicals1 polym]s1 pla/ics1 or =mulat$ products1 7,c7 is n less ?an #ie p]c5t biobas$ cont5t1 7,d7 is ! product (1 or is reliant ^u1 biological conv]sion1 !rmal conv]sion1 or a comb9ation ( biological & !rmal conv]sion ( r5ewable biomass1 7,e7 is n sold or us$ = ! production ( any food1 fe$1 or fuel1 & 7,f7 is n a *emical = :i* a cr$it has be5 claim$ by ! taxpay] 9 any taxable ye> "u ?is section or section #dh;,e4 7#b7 ,biobas$ cont5t ,! t]m biobas$ cont5t means1 ) respect to any r5ewable *emical1 ! biobas$ cont5t ( ! total mass ( organic c>bon 9 su* *emical 7express$ z a p]c5tage71 det]m9$ by te/+ repres5tative samples us+ ! ,am]ican ,society = ,te/+ & ,mat]ials 7,,a/m7 ,d#fhff4 7#c7 ,r5ewable biomass ,! t]m r5ewable biomass has ! mean+ giv5 su* t]m 9 section #ijja7ac7 ( ! ,f>m ,security & ,rural ,inve/m5t ,act ( #bjjb 7#g ,u4,s4,c4 #haja7ac774 7d7 ,national limitation on cr$its = r5ewable *emicals ,see section #dh;,e7e7 = rules relat+ to national limitation on cr$its "u ?is section4 7e7 ,coord9ation ) inve/m5t cr$it = r5ewable *emical production facilities ,see section #dh;,e7f7 = rules coord9at+ section #dh;,e ) ?is section4 7f7 ,t]m9ation ,not)/&+ any o!r provision ( ?is section or section #dh;,e1 ! ,secret>y may n allocate any cr$it am\nt "u ?is section to any taxable ye> :i* beg9s m ?an #e ye>s aft] ! date ( ! enactm5t ( ?is section4 4 7#b7 ,cr$it to be "p ( g5]al bus9ess cr$it ,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 7b7 ,inve/m5t cr$it 9 lieu ( production cr$it 7#a7 ,9 g5]al ,section #df ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( p>agraph 7#e71 by /rik+ ! p]iod at ! end ( p>agraph 7#f7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new p>agraph3 7#g7 ! r5ewable *emical production facilities cr$it4 4 7#b7 ,r5ewable *emical production facilities cr$it ,subp>t ,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] section #dh;,d ! foll[+3 #dh;,e4 ,inve/m5t cr$it = r5ewable *emical production facilities 7a7 ,9 g5]al ,= purposes ( section #df1 ! r5ewable *emical production facilities cr$it = any taxable ye> is an am\nt equal to #cj p]c5t ( ! basis ( any eligible prop]ty :i* is a "p ( a r5ewable *emical production facility plac$ 9 s]vice by ! taxpay] dur+ su* taxable ye>4 7b7 ,limitation ,! am\nt ( ! cr$it det]m9$ "u subsection 7a7 ) respect to a r5ewable *emical production facility ( ! taxpay] dur+ any taxable ye> %all n exce$ ! cr$it am\nt allocat$ = purposes ( ?is section by ! ,secret>y to ! taxpay] = su* taxable ye> "u subsection 7e74 7c7 ,r5ewable ,*emical ,production ,facility ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m r5ewable *emical production facility means a facility-- 7,a7 :i* is own$ by ! taxpay]1 7,b7 :i* is orig9ally plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is section & be=e ! fir/ day ( ! taxable ye> :i* beg9s #f ye>s aft] ! date ( ! enactm5t ( ?is section1 & 7,c7 ) respect to :i*-- 7i7 no cr$it has be5 all[$ "u section #de,s = *emicals produc$ at su* facility 9 any previ\s taxable ye>1 & 7ii7 ! taxpay] makes an irrevocable election to h ?is section apply1 & 7,d7 :i* is us$ to produce r5ewable *emicals4 7#b7 ,eligible prop]ty ,! t]m eligible prop]ty means any prop]ty-- 7,a7 :i* is-- 7i7 tangible p]sonal prop]ty1 or 7ii7 o!r tangible prop]ty 7n includ+ a build+ or its /ructural compon5ts71 b only if su* prop]ty is us$ z an integral "p ( ! r5ewable *emical production facility1 & 7,b7 ) respect to :i* depreciation 7or amortization 9 lieu ( depreciation7 is all[able4 7#c7 ,r5ewable *emical ,! t]m r5ewable *emical has ! mean+ giv5 su* t]m by section #de,s7c77#a74 7d7 ,c]ta9 qualifi$ progress exp5ditures rules made applicable ,rules simil> to ! rules ( subsections 7c77#d7 & 7d7 ( section #df 7z 9 effect on ! day be=e ! enactm5t ( ! ,rev5ue ,reconciliation ,act ( #aiij7 %all apply = purposes ( ?is section4 7e7 ,national limitation on cr$its = r5ewable *emicals 7#a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y1 9 consultation ) ! ,secret>y ( ,agriculture1 %all e/abli% a program to allocate cr$it am\nts "u ?is section & section #de,s to taxpay]s :o produce r5ewable *emicals = taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is section4 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 taxpay]4 7#c7 ,selection crit]ia ,9 det]m9+ to :i* taxpay]s to make allocations ( ! cr$it am\nt "u su* program1 ! ,secret>y %all take into consid]ation-- 7,a7 ! numb] ( jobs creat$ & 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 or r5ewable *emical production facility 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 ( ?is subsection4 7#e7 ,disclosure ( allocations ,! ,secret>y %all1 ^u mak+ an allocation ( cr$it am\nt "u ?is section1 publicly disclose ! id5tity ( ! taxpay] & ! am\nt ( ! cr$it ) respect to su* taxpay]4 7f7 ,coord9ation ) production cr$it = r5ewable *emicals ,if a taxpay] makes an election "u subsection 7c77#a77;,c77ii7 ) respect to a r5ewable *emical production facility1 a cr$it %all n be all[$ "u section #de,s = any r5ewable *emical produc$ by su* facility4 7g7 ,regulations ,! ,secret>y %all issue su* regulations or o!r guidance z may be necess>y to c>ry out ?is section & section #de,s4 7h7 ,t]m9ation ,! ,secret>y may n allocate any cr$it am\nt "u ?is section to any taxable ye> :i* beg9s m ?an #e ye>s aft] ! date ( ! enactm5t ( ?is section4 4 7c7 ,cr$its all[able aga9/ alt]native m9imum tax ,subp>agraph 7,b7 ( section #ch7;c77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ clauses 7vii7 ?r\gh 7ix7 z clauses 7ix7 ?r\gh 7xi71 respectively1 & by ins]t+ aft] clause 7vi7 ! foll[+ new clauses3 7vii7 ! cr$it det]m9$ "u section #de,s1 7viii7 ! cr$it det]m9$ "u section #df to ! ext5t t su* cr$it is attributable to ! r5ewable *emical production facilities cr$it "u section #dh;,e1 4 7d7 ,cl]ical am5dm5ts 7#a7 ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #de,s4 ,cr$it = production ( r5ewable *emicals4 4 7#b7 ,! table ( sections = subp>t ,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #dh;,e4 ,inve/m5t cr$it = r5ewable *emical production facilities4 4 7e7 ,effective dates ,! am5dm5ts made by ?is section %all apply to r5ewable *emicals produc$ & r5ewable *emical production facilities plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is ,act1 9 taxable ye>s end+ aft] su* date4