summary
Introduced
01/22/2025
01/22/2025
In Committee
01/22/2025
01/22/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances.
AI Summary
This bill seeks to repeal the excise taxes on certain chemicals and substances by amending Chapter 38 of the Internal Revenue Code of 1986. Specifically, the bill will remove Subchapters B and C, which currently impose taxes on specific chemicals and substances, effectively eliminating these taxes. The amendments are set to take effect on January 1, 2024, meaning that from that date forward, businesses and industries previously subject to these chemical-related excise taxes will no longer be required to pay them. The bill is relatively straightforward in its approach, focusing on a clean removal of existing tax provisions without introducing new taxation mechanisms, and aims to potentially reduce financial burden on chemical and industrial sectors by eliminating these specific excise taxes.
Committee Categories
Budget and Finance
Sponsors (10)
Beth Van Duyne (R)*,
Mike Carey (R),
Gabe Evans (R),
Kevin Hern (R),
David Kustoff (R),
Darin LaHood (R),
Carol Miller (R),
Nathaniel Moran (R),
Claudia Tenney (R),
Randy Weber (R),
Last Action
Referred to the House Committee on Ways and Means. (on 01/22/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/640/all-info |
| BillText | https://www.congress.gov/119/bills/hr640/BILLS-119hr640ih.pdf |
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