Businesses that produce renewable chemicals from a biomass feedstock are eligible for a tax credit on renewable chemicals produced between 2017 and 2036. This tax credit is allowed against income, corporate, and franchise taxes. Eligible claimants include partnerships, limited liability companies, S corporations, cooperatives organized under chapter 501 and filing as a partnership for federal tax purposes, estates, or trusts electing to have income taxed directly to the individual. Tax credits in excess of tax liability is refundable or the taxpayer can have the overpayment shown on the final completed return credited to the tax liability for the following tax year.
