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HR 640119th CongressIntroduced
Chemical Tax Repeal Act
Introduced: Oct 29, 2025
Economy & Taxes
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Chemical Tax Repeal Act proposes to eliminate excise taxes on specific chemicals and substances by amending the Internal Revenue Code, with implementation set for January 1, 2024.
Key Points
- 1Repeals Subchapters B and C of Chapter 38 in the Internal Revenue Code
- 2Removes excise taxes on taxable chemicals and substances
- 3Effective date of January 1, 2024, applies retroactively to 2024 tax filings
Impact Areas
Chemical manufacturers and distributorsIndustries utilizing taxed substancesFederal government revenue streams
Generated by gpt-4o on Nov 2, 2025