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Chemical Tax Repeal Act

3/13/2024, 11:22 AM

Summary of Bill S 1195

The Bill 118 s 1195, also known as the Chemical Tax Repeal Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to repeal the existing tax on certain chemicals that are used in various industries across the country.

The bill argues that the current tax on these chemicals is burdensome and hinders economic growth and innovation. Proponents of the bill believe that by repealing this tax, businesses will be able to invest more in research and development, leading to job creation and increased competitiveness in the global market.

Opponents of the bill, however, argue that the tax on these chemicals is necessary to fund important environmental and public health programs. They believe that repealing the tax could have negative consequences for the environment and public health, as well as potentially reducing funding for important government programs. Overall, the Chemical Tax Repeal Act is a controversial piece of legislation that has sparked debate among lawmakers and industry stakeholders. It remains to be seen whether or not the bill will ultimately be passed into law.

Congressional Summary of S 1195

Chemical Tax Repeal Act

This bill repeals the excise taxes on certain taxable chemicals and imported substances.

Current Status of Bill S 1195

Bill S 1195 is currently in the status of Bill Introduced since April 19, 2023. Bill S 1195 was introduced during Congress 118 and was introduced to the Senate on April 19, 2023.  Bill S 1195's most recent activity was Read twice and referred to the Committee on Finance. as of April 19, 2023

Bipartisan Support of Bill S 1195

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
8
Democrat Cosponsors
0
Republican Cosponsors
8
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 1195

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 1195

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.

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