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SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mortgage Fairness Act''.

SEC. 2. COMMUNITY SUPPORT OBLIGATIONS OF MORTGAGE BANKS.

    (a) In General.--Each mortgage bank shall have an ongoing 
responsibility to meet the credit needs of all the communities in which 
such bank makes a significant number of extensions of credit or extends 
a significant amount of credit, including extensions of credit in low- 
and moderate-income neighborhoods of such communities.
    (b) Definitions.--For purposes of this Act, the following 
definitions shall apply:
            (1) Mortgage bank.--The term ``mortgage bank'' means any 
        lender who does not accept deposits and originates housing 
        related loans.
            (2) Office.--The term ``Office'' means the Office of 
        Mortgage Bank and Insurance Supervision established by the 
        Secretary of Housing and Urban Development pursuant to section 
        3.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.

SEC. 3. ESTABLISHMENT OF OFFICE OF MORTGAGE BANK AND INSURANCE 
              SUPERVISION.

    The Secretary of Housing and Urban Development shall establish 
within the Department of Housing and Urban Development an office to be 
known as the Office of Mortgage Bank and Insurance Supervision to 
evaluate the community support performance of mortgage banks and 
mortgage insurance companies.

SEC. 4. MORTGAGE BANK COMMUNITY SUPPORT STATEMENTS.

    (a) In General.--The Office shall, on a biennial basis, require 
each mortgage bank to submit to the Office a community support 
statement, detailing the efforts of such bank at meeting the housing 
credit needs of each community in which the bank makes a significant 
number of extensions of credit or extends a significant amount of 
credit, including extensions of credit in low- and moderate-income 
neighborhoods of such communities.
    (b) Contents.--The statement submitted by each mortgage bank under 
subsection (a) shall include--
            (1) the data required to be maintained and disclosed by the 
        lender under the Home Mortgage Disclosure Act of 1975 for the 
        previous 2 years, in a format which the Office shall establish;
            (2) underwriting criteria employed by the bank for all of 
        the bank's housing loan products;
            (3) descriptions of any activity the bank has undertaken 
        over the period under review to ascertain and meet identified 
        credit needs in low- and moderate-income neighborhoods within 
        communities in which the bank makes a significant number of 
        extensions of credit or extends a significant amount of credit, 
        including any partnerships formed with community-based 
        organizations, nonprofit developers of affordable housing, or 
        agencies of State or local government;
            (4) details of any findings of technical or substantive 
        violations of the Equal Credit Opportunity Act or the Fair 
        Housing Act, and any settlements or judgments arising from any 
        such findings; and
            (5) any other information the Office may require.

SEC. 5. MORTGAGE BANK COMMUNITY SUPPORT EVALUATION.

    The Office shall determine whether a mortgage bank is maintaining 
an adequate community support performance, based on--
            (1) community support performance statements received from 
        mortgage banks;
            (2) an analysis of the data required to be maintained and 
        disclosed by the lender under the Home Mortgage Disclosure Act 
        of 1975 for the previous 2 years with respect to metropolitan 
        statistical areas in which the bank originates a significant 
        number of home loans, which shall emphasize--
                    (A) the institution's market share in neighborhoods 
                of different racial and income characteristics;
                    (B) the number of applications received from 
                minorities and low- and moderate-income persons; and
                    (C) the rate at which the institutions rejects 
                applications from minority and white applicants;
            (3) any evidence of illegal discriminatory credit 
        practices, including prescreening, or offering less favorable 
        loan products to applicants of different racial backgrounds; 
        and
            (4) public comment, which shall be received by the agency 
        for not less than 90 days after the Office actively solicits 
        comment solicitations of comment through notice in the Federal 
        Register and regular communications with community based 
        organizations.

SEC. 6. PENALTIES FOR FINDING OF INADEQUATE COMMUNITY SUPPORT 
              PERFORMANCE BY MORTGAGE BANKS.

    (a) Remedial Action.--If the Secretary finds that a mortgage bank 
is maintaining an inadequate level of community support, the Secretary 
may issue an order--
            (1) requiring the bank to file a community support action 
        plan with the Office not more than 90 days after the finding, 
        which shall include concrete goals and timetables for 
        correcting identified deficiencies; and
            (2) prohibiting the bank from using any program or product 
        administered by the Secretary until all identified deficiencies 
        are met.
    (b) Cease and Desist Orders.--
            (1) Issuance of order.--
                    (A) In general.--If the Secretary determines that 
                there is reasonable cause to believe that a mortgage 
                bank is violating, has violated, or is about to violate 
                an order under subsection (a) or a community support 
                action plan filed pursuant to such an order, the 
                Secretary may issue an order requiring the mortgage 
                bank to--
                            (i) cease and desist from any such 
                        violation; and
                            (ii) take such affirmative action to 
                        prevent the occurrence or the continuance of 
                        such violation as the Secretary determines to 
                        be appropriate.
                    (B) Notice of charges.--An order issued under this 
                paragraph shall include a notice of the charges on 
                which the order is based and a statement of the facts 
                constituting the alleged violation.
                    (C) Effective period.--An order issued under this 
                paragraph shall--
                            (i) become effective upon service to the 
                        mortgagee; and
                            (ii) remain effective and enforceable 
                        pursuant to the terms of the order unless 
                        modified or rescinded by the Secretary or 
                        pursuant to an order of a court under paragraph 
                        (3) or in connection with the court's review of 
                        any administrative proceedings with respect to 
                        the order issued under this subsection.
            (2) Hearing.--Any mortgage bank which receives an order 
        under paragraph (1) shall be afforded an opportunity for a 
        hearing on the record by the Secretary as soon as practicable 
        but not later than 20 days after the order has been served.
            (3) Judicial hearing.--Within 10 days after a mortgage bank 
        has been served with a cease-and-desist order under this 
        subsection, the bank may apply to the United States district 
        court for the judicial district in which the home office of the 
        bank is located, or the United States District Court for the 
        District of Columbia, for an injunction setting aside, 
        limiting, or suspending the enforcement, operation, or 
        effectiveness of such order pending the completion of the 
        administrative proceedings pursuant to the notice of charges 
        served upon the bank, and such court shall have jurisdiction to 
        issue such injunction.
            (4) Judicial enforcement.--The Secretary may apply to the 
        United States district court, or the United States court of any 
        territory, within the jurisdiction of which the home office of 
        the mortgagee is located, for an injunction to enforce any 
        effective and outstanding order issued under this subsection 
        and, if the court determines that there has been a violation or 
        threatened violation of such order, the court shall issue such 
        injunction.
    (c) Civil Money Penalty.--
            (1) Imposition of penalty.--
                    (A) In general.--The Secretary may impose a civil 
                money penalty on any mortgage bank, and any director, 
                officer or employee of a mortgage bank, who violates 
                any order issued under subsection (a) or (b).
                    (B) Amount of penalty.--The amount of the penalty, 
                as determined by the Secretary, may not exceed--
                            (i) in the case of a violation of an order 
                        issued under subsection (a), $10,000 for each 
                        month during which such violation occurs; and
                            (ii) in the case of a violation of an order 
                        issued under subsection (b), $10,000 for each 
                        day during which such violation continues.
                    (C) Notification to attorney general.--Before 
                taking action to impose a civil money penalty for a 
                violation under subparagraph (A), the Secretary shall 
                inform the Attorney General of the United States.
            (2) Assessment.--
                    (A) Written notice.--Any penalty imposed under 
                paragraph (1) may be assessed and collected by the 
                Secretary by written notice.
                    (B) Finality of assessment.--If, with respect to 
                any assessment under subparagraph (A), a hearing is not 
                requested pursuant to paragraph (5) within the period 
                of time allowed under such paragraph, the assessment 
                shall constitute a final and unappealable order.
            (3) Authority to modify or remit penalty.--The Secretary 
        may compromise, modify, or remit any penalty which the 
        Secretary may assess or already has assessed under paragraph 
        (1).
            (4) Mitigating factors.--In determining the amount of a 
        penalty under paragraph (1) with respect to any person, the 
        Secretary shall take into account the appropriateness of the 
        penalty with respect to--
                    (A) the gravity of the offense;
                    (B) any history of previous violations by the 
                person;
                    (C) the ability of the person to pay the penalty;
                    (D) injury to the public;
                    (E) benefits received by the person as a result of 
                the violation;
                    (F) the deterrent effect of the penalty on future 
                violations by such person and other persons; and
                    (G) such other factors as the Secretary may 
                determine in regulations to be appropriate.
            (5) Hearing.--The person against whom a civil money penalty 
        is assessed under paragraph (1) shall be afforded an 
        opportunity for a hearing on the record, if such person submits 
        a request for such hearing within 20 days after the issuance of 
        the notice of the assessment.
            (6) Collection.--
                    (A) Referral.--If any person fails to pay an 
                assessment after any penalty assessed under this 
                subsection has become final, the Secretary shall notify 
                the Attorney General who shall recover the amount 
                assessed in the appropriate United States district 
                court.
                    (B) Appropriateness of penalty not reviewable.--In 
                any civil action under subparagraph (A), the validity 
                and appropriateness of the penalty shall not be subject 
                to review.
            (7) Disbursement.--All penalties collected pursuant to this 
        subsection shall be deposited into the Treasury of the United 
        States.
            (8) Agency procedures--The Secretary shall, by regulation, 
        establish standards and procedures for carrying out this 
        subsection.

SEC. 7. COMMUNITY SUPPORT REQUIREMENTS FOR MORTGAGE INSURANCE 
              COMPANIES.

    (a) In General.--Each mortgage insurance company shall--
            (1) report to the Office the number and total dollar amount 
        of each mortgage insurance policy written by the company, by 
        census tract, the race, gender, and income of applicants for 
        mortgage insurance, and the disposition of each application for 
        mortgage insurance;
            (2) demonstrate to the Secretary adequate support for 
        community credit needs; and
            (3) make public to any person the underwriting criteria for 
        any mortgage insurance the company offers.
    (b) 2-Year Reporting Requirement.--At least once during each 2-year 
period beginning after the date of enactment of this Act, each mortgage 
insurance company shall submit a report to the Office containing the 
following information:
            (1) Adequacy of availability of mortgage insurance.--The 
        extent to which adequate mortgage insurance is available in 
        low- and moderate-income and minority neighborhoods within 
        areas in which the company writes a significant number of 
        mortgage insurance policies.
            (2) Underwriting guidelines.--The extent to which 
        underwriting guidelines used by the company do not unreasonably 
        restrict access to low- and moderate-income families within 
        areas in which the company writes a significant number of 
        mortgage insurance policies.
    (c) Duties of the Office.--The Office shall conduct biennial 
community support reviews of mortgage insurance companies including 
analysis of the following:
            (1) The data collected by the Agency on the distribution of 
        the mortgage insurance company's policies by census tract and 
        data on the disparate treatment of applicants for mortgage 
        insurance based on the applicants' race, gender, and income.
            (2) The underwriting criteria employed by the company and 
        the extent to which such criteria do not unreasonably restrict 
        access to credit for low- and moderate-income and minority 
        persons or neighborhoods.
            (3) Community support statements received from the mortgage 
        insurance company.
            (4) Any other information the Secretary may require 
        mortgage insurance companies to submit.
            (5) Any comments received from the public on the community 
        support performance of the mortgage insurance company during 
        the period covered by the review under this paragraph.
    (d) Duties of the Secretary.--The Secretary shall--
            (1) solicit and accept public comment for no fewer than 90 
        days before issuing a finding in connection with the review of 
        a mortgage insurance company under subsection (c)(2); and
            (2) review the community support performance of each 
        mortgage insurance company and determine whether the company is 
        providing an adequate level of community support in the areas 
        in which such company writes a significant number of mortgage 
        insurance policies.
    (e) Performance Statement.--If, after reviewing any evidence, the 
Secretary concludes that a mortgage insurance company is not meeting 
the requirements of this section, the Secretary may require such 
company to submit a statement indicating how the company expects to 
improve its record of providing community support.
Mortgage Fairness Act - Requires each mortgage bank to meet the credit needs of all communities in which it makes a significant number of extensions of credit or extends a significant amount of credit, including extensions of credit in low- and moderate-income communities. 
(Sec. 3) Directs the Secretary of Housing and Urban Development (HUD) to establish within HUD the Office of Mortgage Bank and Insurance Supervision. 
(Sec. 4) Directs the Office, on a biennial basis, to require each mortgage bank to submit to it a community support statement detailing the bank's efforts at meeting the housing credit needs of the above- referenced communities. 
(Sec. 5) Directs the Office to determine whether a mortgage bank is maintaining an adequate community support performance based on specified criteria. 
(Sec. 6) Sets forth certain penalties against a mortgage bank that has been found to be maintaining an inadequate level of community support. 
(Sec. 7) Requires each mortgage insurance company to: (1) report to the Office the total number and total dollar amount of each mortgage insurance policy written by it, by census tract, the race, gender, and income of applicants for mortgage insurance, and the disposition of each application for such insurance; (2) demonstrate to the Secretary adequate support for community credit needs; and (3) make public to any person the underwriting criteria for any mortgage insurance the company offers. 
Requires the Office to conduct biennial community support reviews of mortgage insurance companies.  Authorizes the Secretary to require a mortgage insurance company to submit a statement indicating how it expects to improve its record of providing community support whenever the Secretary concludes that such company is not meeting the requirements of this section.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Civil Asset Forfeiture Reform Act''.

SEC. 2. LIMITATION OF CUSTOMS AND TAX EXEMPTION UNDER THE TORT CLAIMS 
              PROCEDURES.

    Section 2680(c) of title 28, United States Code, is amended by 
striking ``law-enforcement officer'' and inserting ``law enforcement 
officer, except that this chapter and section 1346(b) shall apply to a 
claim based on the negligent destruction, injury, or loss of goods or 
merchandise (including real property) while in the possession of an 
officer of customs or excise or any other law enforcement officer''.

SEC. 3. LONGER PERIOD FOR FILING CLAIMS IN CERTAIN IN REM PROCEEDINGS.

    Rule C(6) of the Supplemental Rules for Certain Admiralty and 
Maritime Claims to the Federal Rules of Civil Procedures (28 U.S.C. 
App.) is amended by striking ``10 days'' and inserting ``60 days''.

SEC. 4. CLAIM AFTER SEIZURE.

    Section 608 of the Tariff Act of 1930 (19 U.S.C. 1608) is amended 
to read as follows:

``SEC. 608. SEIZURE; CLAIMS; REPRESENTATION.

    ``(a) In General.--
            ``(1) Filing of claim.--At any time within 60 days after 
        the date on which a notice of seizure is first published, a 
        person who claims a vessel, vehicle, aircraft, merchandise, or 
        baggage seized under a law described in section 605 may file 
        with the appropriate customs officer a claim stating the 
        person's interest in the property.
            ``(2) Condemnation.--On filing of a claim under paragraph 
        (1), the customs officer shall transmit the claim, with a 
        duplicate list and description of the articles seized, to the 
        United States attorney for the district in which the seizure 
        was made, who shall proceed to a condemnation of the 
        merchandise or other property in the manner prescribed by law.
    ``(b) Court-Appointed Counsel.--
            ``(1) In general.--If a person filing a claim under 
        subsection (a), or a claim regarding property seized under 
        another law that incorporates by reference the seizure, 
        forfeiture, and condemnation procedures of the customs laws, is 
        financially unable to obtain representation of counsel, the 
        court may appoint appropriate counsel to represent the person 
        with respect to the claim.
            ``(2) Compensation.--(A) The court shall set the 
        compensation for counsel appointed under paragraph (1) in an 
        amount that is equivalent to that provided for counsel 
        appointed under section 3006A of title 18, United States Code.
            ``(B) Compensation of counsel appointed under paragraph (1) 
        shall be paid from the Justice Assets Forfeiture Fund 
        established under section 524 of title 28, United States 
        Code.''.

SEC. 5. BURDEN OF PROOF IN FORFEITURE PROCEEDINGS.

    Section 615 of the Tariff Act of 1930 (19 U.S.C. 1615) is amended 
to read as follows:

``SEC. 615. BURDEN OF PROOF IN FORFEITURE PROCEEDINGS.

    ``(a) In General.--In a suit or action described in subsection (b), 
the burden of proof is on the Government to establish by clear and 
convincing evidence that the property is subject to forfeiture.
    ``(b) Suits and Actions Described.--A suit or action is described 
in this subsection if it is--
            ``(1) a suit or action (other than a suit or action arising 
        under section 592) brought for the forfeiture of a vessel, 
        vehicle, aircraft, merchandise, or baggage seized under any law 
        relating to the collection of duties on imports or tonnage; or
            ``(2) a suit or action brought for the recovery of the 
        value of any vessel, vehicle, aircraft, merchandise, or 
        baggage, because of a violation of that law.''.

SEC. 6. RELEASE OF SEIZED PROPERTY FOR SUBSTANTIAL HARDSHIP.

    Section 614 of the Tariff Act of 1930 (19 U.S.C. 1614) is amended--
            (1) by inserting ``(a) Release Upon Payment.--'' before 
        ``If''; and
            (2) by adding at the end the following new subsection:
    ``(b) Release of Seized Property for Substantial Hardship.--
            ``(1) Request for release.--(A) A claimant is entitled to 
        immediate release of seized property if continued possession by 
        the Government would cause the claimant substantial hardship.
            ``(B) A claimant seeking release of property under this 
        subsection shall--
                    ``(i) request possession of the property from the 
                appropriate customs officer; and
                    ``(ii) state in the request the basis for such 
                release.
            ``(2) Civil action.--(A) If, within 10 days after the date 
        on which a request is made under paragraph (1), the subject 
        property has not been released, the claimant may file a 
        complaint in any district court that would have jurisdiction 
        over forfeiture proceedings relating to the property.
            ``(B) A complaint under subparagraph (B) shall state--
                    ``(i) the nature of the claim to the seized 
                property;
                    ``(ii) the reason why the continued possession by 
                the United States Government pending the final 
                disposition of forfeiture proceedings will cause 
                substantial hardship to the claimant; and
                    ``(iii) the steps that the claimant has taken to 
                secure release of the property from the appropriate 
                customs officer.
            ``(3) Return of property.--If a complaint is filed under 
        paragraph (2), the district court shall order that the property 
        be returned to the claimant, pending completion of proceedings 
        by the United States Government to obtain forfeiture of the 
        property, if the claimant shows that--
                    ``(A) the claimant is likely to demonstrate a 
                possessory interest in the seized property; and
                    ``(B) continued possession by the United States 
                Government of the seized property is likely to cause 
                substantial hardship to the claimant.
            ``(4) Conditions.--The court may place such conditions on 
        release of the property as the court finds are appropriate to 
        preserve the availability of the property or its equivalent for 
        forfeiture.
            ``(5) Time for decision.--The district court shall render a 
        decision on a complaint filed under paragraph (2) no later than 
        30 days after the date of the filing, unless such 30-day 
        limitation is extended by consent of the parties or by the 
        court for good cause shown.''.

SEC. 7. JUSTICE ASSETS FORFEITURE FUND.

    Section 524(c) of title 28, United States Code, is amended--
            (1) in paragraph (1)--
                    (A) in the matter preceding subparagraph (A) by 
                striking ``law enforcement'';
                    (B) by redesignating subparagraphs (H) and (I) as 
                subparagraphs (I) and (J), respectively; and
                    (C) by inserting after subparagraph (G) the 
                following new subparagraph:
            ``(H) payment of court-awarded compensation for 
        representation of claimants pursuant to section 608(b) of the 
        Tariff Act of 1930;''; and
            (2) in paragraph (9)(A), by striking ``(H)'' and inserting 
        ``(I)''.

SEC. 8. CLARIFICATION REGARDING FORFEITURES UNDER THE CONTROLLED 
              SUBSTANCES ACT.

    Section 511(a)(7) of the Controlled Substances Act (21 U.S.C. 
881(a)(7)) is amended by striking ``without the knowledge or consent of 
that owner'' and inserting ``either without the knowledge of that owner 
or without the consent of that owner''.

SEC. 9. APPLICABILITY.

    The amendments made by this Act apply with respect to claims filed 
under section 608 of the Tariff Act of 1930 and suits and actions filed 
under section 615 of that Act on or after the date of enactment of this 
Act.
Civil Asset Forfeiture Reform Act - Amends the Federal judicial code to exclude from the customs and tax exemption under tort claims procedures a claim based on the negligent destruction, injury, or loss of goods or merchandise (including real property) while in the possession of a customs or other law enforcement officer. 
Extends the period for filing claims in certain in rem proceedings. 
Amends the Tariff Act of 1930 to provide that:  (1) in all suits or actions brought for the forfeiture of any vessel, vehicle, aircraft, merchandise, or baggage seized under the provisions of any law relating to the collection of duties on imports or tonnage, with exceptions, and for the recovery of the value of any forfeited property because of violation of any such law, the burden of proof is on the Government to establish by clear and convincing evidence that the property was subject to forfeiture; (2) any person claiming such property may at any time within 60 days from the date of the first publication of the notice of seizure file a claim with the appropriate customs officer, who shall transmit such claim to the U.S. attorney for the district in which seizure was made; and (3) if the person filing such claim (or a claim regarding seized property under any other provision of law that incorporates by reference the seizure, forfeiture, and condemnation procedures of the customs laws) is financially unable to obtain representation, the court may appoint counsel, subject to specified requirements. 
Specifies that a claimant is entitled to immediate release of seized property if continued possession by the Government would cause the claimant substantial hardship.  Sets forth procedures regarding the request for release, return of property, and time for decision by the court on a complaint for such return. 
Makes sums in the Department of Justice Assets Forfeiture Fund available for the payment of court-awarded compensation for representation of claimants under the Tariff Act, with respect to seizure claims by individuals financially unable to obtain representation of counsel.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Renewable Chemicals Act of 2017''.

SEC. 2. CREDITS FOR PRODUCTION OF RENEWABLE CHEMICALS AND INVESTMENTS 
              IN RENEWABLE CHEMICAL PRODUCTION FACILITIES.

    (a) Production of Renewable Chemicals.--
            (1) In general.--Subpart D of part IV of subchapter A of 
        chapter 1 of the Internal Revenue Code of 1986 is amended by 
        adding at the end the following new section:

``SEC. 45S. CREDIT FOR PRODUCTION OF RENEWABLE CHEMICALS.

    ``(a) In General.--For purposes of section 38, the production 
credit for renewable chemicals for any taxable year is an amount 
(determined separately for each renewable chemical) equal to $0.15 per 
pound of biobased content of each renewable chemical produced during 
the taxable year--
            ``(1) by the taxpayer, or
            ``(2) for the taxpayer by a contract manufacturer under a 
        binding written agreement.
    ``(b) Limitation.--The amount of the credit determined under 
subsection (a) with respect to a renewable chemical produced during any 
taxable year shall not exceed the credit amount allocated for purposes 
of this section by the Secretary to the taxpayer with respect to such 
chemical for such taxable year under section 48E(e).
    ``(c) Definitions.--For purposes of this section--
            ``(1) Renewable chemical.--The term `renewable chemical' 
        means any chemical which--
                    ``(A) is produced in the United States (or in a 
                territory or possession of the United States) from 
                renewable biomass,
                    ``(B) is sold or used by the taxpayer--
                            ``(i) for the production of chemical 
                        products, polymers, plastics, or formulated 
                        products, or
                            ``(ii) as chemicals, polymers, plastics, or 
                        formulated products,
                    ``(C) is not less than 95 percent biobased content,
                    ``(D) is the product of, or is reliant upon, 
                biological conversion, thermal conversion, or a 
                combination of biological and thermal conversion of 
                renewable biomass,
                    ``(E) is not sold or used for the production of any 
                food, feed, or fuel, and
                    ``(F) is not a chemical for which a credit has been 
                claimed by the taxpayer in any taxable year under this 
                section or section 48E.
            ``(2) Biobased content.--The term `biobased content' means, 
        with respect to any renewable chemical, the biobased content of 
        the total mass of organic carbon in such chemical (expressed as 
        a percentage), determined by testing representative samples 
        using the American Society for Testing and Materials (ASTM) 
        D6866.
            ``(3) Renewable biomass.--The term `renewable biomass' has 
        the meaning given such term in section 9001(13) of the Farm 
        Security and Rural Investment Act of 2002 (7 U.S.C. 8101(13)).
    ``(d) National Limitation on Credits for Renewable Chemicals.--See 
section 48E(e) for rules relating to national limitation on credits 
under this section.
    ``(e) Coordination With Investment Credit for Renewable Chemical 
Production Facilities.--See section 48E(f) for rules coordinating 
section 48E with this section.
    ``(f) Termination.--Notwithstanding any other provision of this 
section or section 48E, 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 enactment of this section.''.
            (2) Credit to be part of general business credit.--
        Subsection (b) of section 38 of such Code is amended by 
        striking ``plus'' at the end of paragraph (35), by striking the 
        period at the end of paragraph (36) and inserting ``, plus'', 
        and by adding at the end the following new paragraph:
            ``(37) the renewable chemicals production credit determined 
        under section 45S(a).''.
    (b) Investment Credit in Lieu of Production Credit.--
            (1) In general.--Section 46 of the Internal Revenue Code of 
        1986 is amended by striking ``and'' at the end of paragraph 
        (5), by striking the period at the end of paragraph (6) and 
        inserting ``, and'', and by adding at the end the following new 
        paragraph:
            ``(7) the renewable chemical production facilities 
        credit.''.
            (2) Renewable chemical production facilities credit.--
        Subpart E of part IV of subchapter A of chapter 1 of such Code 
        is amended by inserting after section 48D the following:

``SEC. 48E. INVESTMENT CREDIT FOR RENEWABLE CHEMICAL PRODUCTION 
              FACILITIES.

    ``(a) In General.--For purposes of section 46, the renewable 
chemical production facilities credit for any taxable year is an amount 
equal to 30 percent of the basis of any eligible property which is a 
part of a renewable chemical production facility placed in service by 
the taxpayer during such taxable year.
    ``(b) Limitation.--The amount of the credit determined under 
subsection (a) with respect to a renewable chemical production facility 
of the taxpayer during any taxable year shall not exceed the credit 
amount allocated for purposes of this section by the Secretary to the 
taxpayer for such taxable year under subsection (e).
    ``(c) Renewable Chemical Production Facility.--For purposes of this 
section--
            ``(1) In general.--The term `renewable chemical production 
        facility' means a facility--
                    ``(A) which is owned by the taxpayer,
                    ``(B) which is originally placed in service after 
                the date of the enactment of this section and before 
                the first day of the taxable year which begins 6 years 
                after the date of the enactment of this section, and
                    ``(C) with respect to which--
                            ``(i) no credit has been allowed under 
                        section 45S for chemicals produced at such 
                        facility in any previous taxable year, and
                            ``(ii) the taxpayer makes an irrevocable 
                        election to have this section apply, and
                    ``(D) which is 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 
                        including a building or its structural 
                        components),
                but only if such property is used as an integral part 
                of the renewable chemical production facility, and
                    ``(B) with respect to which depreciation (or 
                amortization in lieu of depreciation) is allowable.
            ``(3) Renewable chemical.--The term `renewable chemical' 
        has the meaning given such term by section 45S(c)(1).
    ``(d) Certain Qualified Progress Expenditures 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 Renewable 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 Agriculture, shall establish 
        a program to allocate credit amounts under this section and 
        section 45S to taxpayers 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 for any taxable 
                year under such program shall not exceed $25,000,000. 
                For purposes of the preceding sentence, all persons 
                treated as a single employer 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 maintained 
                (directly and indirectly) in the United States 
                (including territories and possessions of the United 
                States) as 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 renewable chemical, and
                    ``(E) whether there is a reasonable expectation of 
                commercial viability.
            ``(4) Redistribution.--If a credit amount allocated to a 
        taxpayer for a taxable year with respect to any renewable 
        chemical or renewable chemical production facility (determined 
        without regard to this paragraph) exceeds the amount of the 
        credit with respect to such chemical determined under this 
        section on the taxpayer's return for such taxable year--
                    ``(A) the credit amount allocated to such taxpayer 
                for such taxable year with respect to such renewable 
                chemical shall be treated as being the amount so 
                determined on the taxpayer's return, and
                    ``(B) such excess may be reallocated by the 
                Secretary consistent with the requirements of this 
                subsection.
            ``(5) Disclosure of allocations.--The Secretary shall, upon 
        making an allocation of credit amount under this section, 
        publicly disclose the identity 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 election under subsection 
(c)(1)(C)(ii) with respect to a renewable chemical production facility, 
a credit shall not be allowed under section 45S for any renewable 
chemical produced 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 45S.
    ``(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 enactment 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 redesignating clauses (vii) through (ix) as clauses 
(ix) through (xi), respectively, and by inserting after clause (vi) the 
following new clauses:
                            ``(vii) the credit determined under section 
                        45S,
                            ``(viii) the credit determined under 
                        section 46 to the extent that such credit is 
                        attributable to the renewable chemical 
                        production 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 Revenue Code of 1986 
        is amended by adding at the end the following new item:

``Sec. 45S. Credit for production of renewable chemicals.''.
            (2) The table of sections for subpart E of part IV of 
        subchapter A of chapter 1 of such Code is amended by adding at 
        the end the following new item:

``Sec. 48E. Investment credit for renewable chemical production 
                            facilities.''.
    (e) Effective Dates.--The amendments made by this section shall 
apply to renewable chemicals produced and renewable chemical production 
facilities placed in service after the date of the enactment of this 
Act, in taxable years ending after such date.

Renewable Chemicals Act of 2017 This bill amends the Internal Revenue Code to allow: (1) a business-related tax credit for the production of renewable chemicals, and (2) a tax credit for investment in renewable chemical production facilities. The bill defines "renewable chemical" as any chemical that: (1) is produced in the United States from renewable biomass; (2) is sold or used for the production of chemical products, polymers, plastics, or formulated products or as chemicals, polymers, plastics, or formulated products; (3) has a biobased content of not less than 95%; (4) is the product of, or reliant upon, biological or thermal conversion of renewable biomass; (5) is not sold or used for the production of any food, feed, or fuel; and (6) is not a chemical for which either of the tax credits established by this bill have been claimed by the taxpayer in any taxable year.  The bill requires the Department of the Treasury to establish a program to allocate renewable chemical tax credit amounts to eligible taxpayers and imposes an aggregate limit on the amount of credits that may be allocated to not more than $500 million during the 5-year period after enactment of this bill. The amount of the credits that may be allocated to any taxpayer for any taxable year may not exceed $25 million.