Bill Details
S.615 - 119th Congress
Status
Latest action
2025-02-18 - Read twice and referred to the Committee on Finance.
Introduced Date
2025-02-18
Policy Area
Taxation
Committees
View committees (1)
Sponsors
Cosponsors
8
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would remove certain federal excise taxes on chemicals and other taxable substances. In simple terms, it would отмен? no use English: it would end these taxes in the tax code, which could lower costs for businesses that make or use these materials. The change would apply starting January 1, 2025.
- It deletes the parts of the Internal Revenue Code that create excise taxes on taxable chemicals and taxable substances.
- The repeal would take effect on January 1, 2025.
- The bill is meant to fully end these specific chemical-related taxes rather than change their rates.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 615 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 615
To amend the Internal Revenue Code of 1986 to repeal the excise taxes
on taxable chemicals and taxable substances.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 18, 2025
Mr. Cruz (for himself, Mr. Kennedy, Mr. Cornyn, Mr. Barrasso, and Mr.
Lee) introduced the following bill; which was read twice and referred
to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to repeal the excise taxes
on taxable chemicals and taxable substances.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Chemical Tax Repeal Act''.
SEC. 2. REPEAL OF EXCISE TAXES ON CERTAIN CHEMICALS AND SUBSTANCES.
(a) In General.--Chapter 38 of the Internal Revenue Code of 1986 is
amended by striking subchapters B and C (and by striking the items
relating to such subchapters in the table of subchapters for such
chapter).
(b) Effective Date.--The amendments made by this section shall take
effect on January 1, 2025.
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