‘‘(i) no credit has been allowed under 
section 45U for chemicals produced at 
such facility in any previous taxable year, 
and 
‘‘(ii) the taxpayer makes an irrev-
ocable election to have this section apply, 
and 
‘‘(D) which is primarily used to produce 
renewable chemicals. 
‘‘(2) ELIGIBLE PROPERTY.—The term ‘eligible 
property’ means any property— 
‘‘(A) which is— 
‘‘(i) tangible personal property, or 
‘‘(ii) other tangible property (not in-
cluding a building or its structural compo-
nents), 
but only if such property is used as an integral 
part of the renewable chemical production facil-
ity, and 
‘‘(B) with respect to which depreciation (or 
amortization in lieu of depreciation) is allow-
able. 
‘‘(3) RENEWABLE
CHEMICAL.—The term ‘re-
newable chemical’ has the meaning given such term 
by section 45U(c)(1). 
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‘‘(d) CERTAIN
QUALIFIED
PROGRESS
EXPENDI-
TURES RULES MADE APPLICABLE.—Rules similar to the 
rules of subsections (c)(4) and (d) of section 46 (as in 
effect on the day before the enactment of the Revenue 
Reconciliation Act of 1990) shall apply for purposes of 
this section. 
‘‘(e) NATIONAL LIMITATION ON CREDITS FOR RE-
NEWABLE CHEMICALS.— 
‘‘(1) IN GENERAL.—Not later than 180 days 
after the date of the enactment of this section, the 
Secretary, in consultation with the Secretary of Ag-
riculture, shall establish a program to allocate credit 
amounts under this section and section 45U to tax-
payers who produce renewable chemicals for taxable 
years ending after the date of the enactment of this 
section. 
‘‘(2) LIMITATIONS.— 
‘‘(A) AGGREGATE LIMITATION.—The total 
amount of credits that may be allocated under 
such program shall not exceed $500,000,000. 
‘‘(B) 
TAXPAYER
LIMITATION.—The 
amount of credits that may be allocated to any 
taxpayer under such program shall not exceed 
$125,000,000. For purposes of the preceding 
sentence, all persons treated as a single em-
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ployer under subsection (a) or (b) of section 52, 
or subsection (m) or (o) of section 414, shall be 
treated as one taxpayer. 
‘‘(3) SELECTION CRITERIA.—In determining to 
which taxpayers to make allocations of the credit 
amount under such program, the Secretary shall 
take into consideration— 
‘‘(A) the number of jobs created and main-
tained (directly and indirectly) in the United 
States (including territories and possessions of 
the United States) as a result of such allocation 
during the credit period and thereafter, 
‘‘(B) the degree to which the production of 
the renewable chemical demonstrates reduced 
dependence on imported feedstocks, petroleum, 
non-renewable resources, or other fossil fuels, 
‘‘(C) the technological innovation involved 
in the production method of the renewable 
chemical, 
‘‘(D) the energy efficiency and reduction in 
lifecycle greenhouse gases of the renewable 
chemical or of the production method of the re-
newable chemical, 
‘‘(E) whether there is a reasonable expec-
tation of commercial viability, 
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‘‘(F) whether the renewable chemical has 
an established market, and 
‘‘(G) whether the renewable chemical is 
currently being produced in commercial quan-
tities. 
‘‘(4) REVIEW AND REALLOCATION.— 
‘‘(A) REVIEW.—Not later than 6 years 
after the date of the enactment of this section, 
the Secretary shall review the credits allocated 
under this section. 
‘‘(B) REALLOCATION.—If the Secretary 
determines that unused credits are available for 
reallocation after the review described in sub-
paragraph (A), the Secretary is authorized to 
conduct an additional program for applications 
for certification. 
‘‘(5) DISCLOSURE OF ALLOCATIONS.—The Sec-
retary shall, upon making an allocation of credit 
amount under this section, publicly disclose the iden-
tity of the taxpayer and the amount of the credit 
with respect to such taxpayer. 
‘‘(f) COORDINATION WITH PRODUCTION CREDIT FOR 
RENEWABLE CHEMICALS.—If a taxpayer makes an elec-
tion under subsection (c)(1)(C)(ii) with respect to a renew-
able chemical production facility, a credit shall not be al-
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lowed under section 45U for any renewable chemical pro-
duced by such facility. 
‘‘(g) REGULATIONS.—The Secretary shall issue such 
regulations or other guidance as may be necessary to carry 
out this section and section 45U. 
‘‘(h) TERMINATION.—The Secretary may not allocate 
any credit amount under this section to any taxable year 
which begins more than 5 years after the date of the en-
actment of this section.’’. 
(c) CREDITS ALLOWABLE AGAINST ALTERNATIVE 
MINIMUM TAX.—Subparagraph (B) of section 38(c)(4) of 
the Internal Revenue Code of 1986 is amended by redesig-
nating clauses (vii) through (ix) as clauses (ix) through 
(xi), respectively, and by inserting after clause (vi) the fol-
lowing new clauses: 
‘‘(vii) the credit determined under sec-
tion 45U, 
‘‘(viii) the credit determined under 
section 46 to the extent that such credit is 
attributable to the renewable chemical pro-
duction facilities credit under section 
48E,’’. 
(d) CLERICAL AMENDMENTS.— 
(1) The table of sections for subpart D of part 
IV of subchapter A of chapter 1 of the Internal Rev-
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