II
119th CONGRESS
1st Session
S. 615
IN THE SENATE OF THE UNITED STATES
February 18, 2025
Mr. Cruz (for himself, Mr. Kennedy, Mr. Cornyn, Mr. Barrasso, and Mr. Lee) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Section 1. Short title
This Act may be cited as the Chemical Tax Repeal Act
.
Sec. 2. Repeal of excise taxes on certain chemicals and substances
(a) 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).
(b) Effective date
The amendments made by this section shall take effect on January 1, 2025.