“(1) 10 cents, multiplied by

“(2) the number of pounds of qualified renewable material which is—

“(A) produced by the taxpayer during such taxable year at a renewable material production facility, and

“(B) either—

“(i) sold by the taxpayer to an unrelated person, or

“(ii) used by the taxpayer producing such qualified renewable material,

“(b) Definitions.—For purposes of this section—

“(1) QUALIFIED RENEWABLE MATERIAL.—

“(A) IN GENERAL.—The term ‘qualified renewable material’ means the biobased carbon content portion of any product, including a chemical, produced using biological conversion, thermal conversion, catalytic conversion, chemical conversion, or a combination thereof, from biomass.

“(B) EXCLUSIONS.—The term ‘qualified renewable material’ shall not include any product—

“(i) which is suitable for use as a fuel in any vehicle (whether or not the vehicle is manufactured primarily for use on public streets, roads, and highways), marine vessel, watercraft, or aircraft,

“(ii) used to generate heat or electricity,

“(iii) which is suitable for use as food or feed,

“(iv) produced from biomass which was not manufactured, produced, grown, or extracted in whole or in significant part within—

“(I) the United States (within the meaning of section 638(1)), or

“(II) a possession of the United States (within the meaning of section 638(2)), or

“(v) which is derived from coprocessing biomass with a feedstock which is not biomass.

“(C) FIRST SALE OR USE TO QUALIFY.—In the case where multiple points in a supply chain may be eligible under this section, the qualified renewable material that first meets the requirements of this section will be the only qualified renewable material eligible.

“(2) BIOBASED CARBON CONTENT PORTION.—The term ‘biobased carbon content portion’ means the biobased carbon content as determined pursuant to ASTM D6866.

“(3) BIOMASS.—The term ‘biomass’ has the same meaning given such term in section 45K(c)(3), except ‘biomass’ does not include any qualified renewable material.

“(4) RENEWABLE MATERIAL PRODUCTION FACILITY.—The term ‘renewable material production facility’ means any facility—

“(A) that produces qualified renewable material during a qualifying credit period, and

“(B) located in the United States or a possession of the United States (within the meaning of section 638(2)).

“(5) QUALIFYING CREDIT PERIOD.—

“(A) IN GENERAL.—The term ‘qualifying credit period’ means the 10-year period beginning on the later of—

“(i) the date the renewable material production facility was originally placed in service,

“(ii) the date the modifications described in subparagraph (B) were placed in service, or

“(iii) the date of enactment of this section.

“(B) MODIFICATIONS.—The modifications described in this subparagraph are substantial modifications to an existing facility which allow such facility to produce qualified renewable material.

“(c) Special rules.—

“(1) CREDIT ATTRIBUTABLE TO TAXPAYER.—

“(A) IN GENERAL.—Except as otherwise provided in subparagraph (B) or in any regulations prescribed by the Secretary, any credit under this section shall be attributable to the person that sells or uses the qualified renewable material.

“(B) ELECTION.—If the person described in subparagraph (A) makes an election under this subparagraph in such time and manner as the Secretary may prescribe by regulations, the credit under this section—

“(i) shall be allowable to the person to whom the qualified renewable material is sold, and

“(ii) shall not be allowable to the person described in subparagraph (A).

“(2) COORDINATION WITH INVESTMENT CREDIT.—The term ‘renewable material production facility’ shall not include any facility for which a renewable materials investment credit determined under section 48F is allowed under section 38 for the taxable year or any prior taxable year.

“(3) CREDIT REDUCED FOR TAX-EXEMPT BONDS.—Rules similar to the rules of section 45(b)(3) shall apply.

“(4) LIMITATION.—The amount of the credit determined under subsection (a) with respect to any facility for any taxable year (determined after the application of paragraph (3)) shall not exceed $10,000,000.”.

“(iv) The renewable materials production credit under section 45BB.”.

“(xii) The renewable materials production credit determined under section 45BB.”, and

“(42) the renewable materials production credit determined under section 45BB.”.

“(1) 10 cents, multiplied by

“(2) the number of pounds of qualified renewable material which is—

“(A) produced by the taxpayer during such taxable year at a renewable material production facility, and

“(B) either—

“(i) sold by the taxpayer to an unrelated person, or

“(ii) used by the taxpayer producing such qualified renewable material,

“(b) Definitions.—For purposes of this section—

“(1) QUALIFIED RENEWABLE MATERIAL.—

“(A) IN GENERAL.—The term ‘qualified renewable material’ means the biobased carbon content portion of any product, including a chemical, produced using biological conversion, thermal conversion, catalytic conversion, chemical conversion, or a combination thereof, from biomass.

“(B) EXCLUSIONS.—The term ‘qualified renewable material’ shall not include any product—

“(i) which is suitable for use as a fuel in any vehicle (whether or not the vehicle is manufactured primarily for use on public streets, roads, and highways), marine vessel, watercraft, or aircraft,

“(ii) used to generate heat or electricity,

“(iii) which is suitable for use as food or feed,

“(iv) produced from biomass which was not manufactured, produced, grown, or extracted in whole or in significant part within—

“(I) the United States (within the meaning of section 638(1)), or

“(II) a possession of the United States (within the meaning of section 638(2)), or

“(v) which is derived from coprocessing biomass with a feedstock which is not biomass.

“(C) FIRST SALE OR USE TO QUALIFY.—In the case where multiple points in a supply chain may be eligible under this section, the qualified renewable material that first meets the requirements of this section will be the only qualified renewable material eligible.

“(2) BIOBASED CARBON CONTENT PORTION.—The term ‘biobased carbon content portion’ means the biobased carbon content as determined pursuant to ASTM D6866.

“(3) BIOMASS.—The term ‘biomass’ has the same meaning given such term in section 45K(c)(3), except ‘biomass’ does not include any qualified renewable material.

“(4) RENEWABLE MATERIAL PRODUCTION FACILITY.—The term ‘renewable material production facility’ means any facility—

“(A) that produces qualified renewable material during a qualifying credit period, and

“(B) located in the United States or a possession of the United States (within the meaning of section 638(2)).

“(5) QUALIFYING CREDIT PERIOD.—

“(A) IN GENERAL.—The term ‘qualifying credit period’ means the 10-year period beginning on the later of—

“(i) the date the renewable material production facility was originally placed in service,

“(ii) the date the modifications described in subparagraph (B) were placed in service, or

“(iii) the date of enactment of this section.

“(B) MODIFICATIONS.—The modifications described in this subparagraph are substantial modifications to an existing facility which allow such facility to produce qualified renewable material.

“(c) Special rules.—

“(1) CREDIT ATTRIBUTABLE TO TAXPAYER.—

“(A) IN GENERAL.—Except as otherwise provided in subparagraph (B) or in any regulations prescribed by the Secretary, any credit under this section shall be attributable to the person that sells or uses the qualified renewable material.

“(B) ELECTION.—If the person described in subparagraph (A) makes an election under this subparagraph in such time and manner as the Secretary may prescribe by regulations, the credit under this section—

“(i) shall be allowable to the person to whom the qualified renewable material is sold, and

“(ii) shall not be allowable to the person described in subparagraph (A).

“(2) COORDINATION WITH INVESTMENT CREDIT.—The term ‘renewable material production facility’ shall not include any facility for which a renewable materials investment credit determined under section 48F is allowed under section 38 for the taxable year or any prior taxable year.

“(3) CREDIT REDUCED FOR TAX-EXEMPT BONDS.—Rules similar to the rules of section 45(b)(3) shall apply.

“(4) LIMITATION.—The amount of the credit determined under subsection (a) with respect to any facility for any taxable year (determined after the application of paragraph (3)) shall not exceed $10,000,000.”.

“(iv) The renewable materials production credit under section 45BB.”.

“(xii) The renewable materials production credit determined under section 45BB.”, and

“(42) the renewable materials production credit determined under section 45BB.”.