Renewable Chemicals Act introduced: tax credit for biobased chemical production, investment
Also in Washington, U.S. Reps. Bill Pascrell, Jr. (D-NJ-09) and Brian Fitzpatrick (R-PA-01) introduced the Renewable Chemicals Act, legislation that will create an allocated tax credit for production of qualifying renewable chemicals from biomass or investment in production facilities. Applicants for the tax credit would be evaluated on job creation, innovation, environmental benefits, commercial viability, and…