H.R. 3586, To amend the Internal Revenue Code of 1986 to allow a credit against income tax for the production of certain material produced from organic matter which is available on a renewable or recurring basis

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H.R. 3586 would amend the Internal Revenue Code of 1986 to allow a credit against income tax for the production of certain material produced from organic matter which is available on a renewable or recurring basis.

Detailed Summary

Amends the Internal Revenue Code to allow a tax credit for qualifying biomaterial produced by a taxpayer for business use. Limits the annual amount of such credit to $125 million. Defines "qualifying biomaterial" as a commercial or industrial product produced by chemically or biologically transforming feedstocks at least 75% of which are used to produce organic matter available on a renewable or recurring basis.

Status of the Legislation

Latest Major Action: 9/19/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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