Establishes tax credits for the production of, and investment in, certain renewable materials.

The bill amends the Internal Revenue Code to create two new tax credits: one for the production of renewable materials and another for investments in such materials. The renewable materials production credit applies to facilities producing qualified renewable materials, which are defined as the biobased carbon content portion of products produced from biomass. The credit is limited to $10 million per facility per year. The renewable materials investment credit applies to investments in qualified facilities, which are those producing renewable materials.

Establishes tax credits for the production of, and investment in, certain renewable materials.

The bill amends the Internal Revenue Code to create two new tax credits: one for the production of renewable materials and another for investments in such materials. The renewable materials production credit applies to facilities producing qualified renewable materials, which are defined as the biobased carbon content portion of products produced from biomass. The credit is limited to $10 million per facility per year. The renewable materials investment credit applies to investments in qualified facilities, which are those producing renewable materials.