1. Short title This Act may be cited as the Renewable Chemicals Act of 2017 . 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: 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 (A) In general The term renewable chemical means any chemical which— (i) is produced in the United States (or in a territory or possession of the United States) from renewable biomass, (ii) 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, (iii) is not less than 95 percent biobased content, (iv) is the product of, or is reliant upon, biological conversion, thermal conversion, or a combination of biological and thermal conversion of renewable biomass, (v) is not sold or used for the production of any food, feed, or fuel, (vi) is not a combination of renewable chemicals on the list under clause (vii) (or added to such list under subparagraph (B)) for which a credit has been claimed by