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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Renewable chemical

A chemical produced in the United States from renewable plant or animal material (biomass) that is at least 95% biobased, approved by the USDA, used as an ingredient to make other products, and not used for food, animal feed, fuel, or medicines.

Biobased content

The percentage of a chemical's organic carbon that comes from renewable plant or animal sources, measured by a specific testing standard (ASTM D6866).

Renewable biomass

Organic matter like plants, trees, or agricultural waste that can be naturally replenished, used as a raw material for other products.

Chemical intermediate

A chemical compound that is used as a building block or ingredient to produce other, more complex chemical products.

Tax credit

An amount that taxpayers can subtract directly from the taxes they owe, dollar-for-dollar. Unlike a deduction, which reduces taxable income, a credit directly reduces the tax bill.

Internal Revenue Code of 1986

The official compilation of federal tax laws in the United States.

Taxable year

The annual accounting period for which individuals and businesses calculate their income and file tax returns, usually a calendar year.