Section 1 Short title
This Act may be cited as the “Chemical Tax Repeal Act”.
Chemical Tax Repeal Act
A BILL
To amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances.
Sec. 2 Repeal of excise taxes on certain chemicals and substances
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).
Effective date— The amendments made by this section shall take effect on January 1, 2025.