S. 1195 — Introduced in Senate

II 118th CONGRESS 1st Session S. 1195 IN THE SENATE OF THE UNITED STATES April 19, 2023Mr. Cruz (for himself, Mr. Kennedy, Mr. Lee, and Mr. Barrasso) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances. 1. Short title This Act may be cited as the Chemical Tax Repeal Act. 2. Repeal of excise taxes on certain chemicals and substances (a) In general Chapter 38 of the Internal Revenue Code of 1986 is amended by striking subchapters B and C (and by striking the items relating to such subchapters in the table of subchapters for such chapter). (b) Effective date The amendments made by this section shall take effect on January 1, 2023.