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: 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, (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