To amend the Internal Revenue Code of 1986 to establish tax credits for the production of, and investment in, certain renewable materials.

Summary

The bill adds a production credit of 10 cents per pound of qualified renewable material and an investment credit of 30 % of qualified investment in eligible facilities. It applies to U.S. taxpayers who manufacture or invest in such facilities, with a $10 million annual cap per facility. The credits are meant to boost domestic biobased material production and related investment.

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