Renewable Chemicals Act of 2026

This bill would create two federal tax credits for businesses that make renewable chemicals, which are chemicals made in the United States from U.S.-grown plant or other renewable material and not used for food, feed, fuel, or medicine. Producers could claim a credit of up to 15 percent of the sales price for each pound of renewable chemical sold, or instead choose a credit of 30 percent of the cost of equipment for a new production facility. The Treasury Department, working with the Department of Agriculture, would decide which businesses receive credits, with a total limit of $500 million and a limit of $25 million per business. The Treasury would publicly name each business that receives credits and the amount, and no new credits could be given for tax years starting more than 5 years after the law takes effect.

Full text and official record on Congress.gov

Sponsors

• Pete Ricketts Republican sponsor
• 1 cosponsors