US SB3632

Creates a 15% production tax credit for renewable chemicals produced and sold in the United States, with chemicals required to be at least 95% biobased content and produced from U.S.-sourced renewable biomass

Establishes an alternative 30% investment tax credit for renewable chemical production facilities, available to taxpayers who elect this option instead of the production credit

Caps total program credits at $500 million nationwide, with a $25 million limit per taxpayer, administered jointly by the Treasury Secretary and Secretary of Agriculture

Excludes chemicals used for food, feed, fuel, or pharmaceuticals; qualifying chemicals must be USDA Certified Biobased Products and serve as chemical intermediates

Program terminates 5 years after enactment, with credit allocations prioritized based on job creation, reduced fossil fuel dependence, technological innovation, greenhouse gas reductions, and commercial viability