production of any product or the generation of electric power from a project— (I) which meets the requirements of subparagraphs (A) and (B) of section 48B(c)(1), and (II) not less than 75 percent of the total carbon dioxide emissions of which is qualified carbon dioxide (as defined in section 45Q(b)) which is disposed of or utilized as provided in paragraph (7). (xiii) Carbon capture and sequestration (I) Power generation facilities The generation or storage of electric power (including associated income from the sale or marketing of energy, capacity, resource adequacy, and ancillary services) produced from any power generation facility which is, or from any power generation unit within, a qualified facility which is described in section 45Q(c) and not less than 50 percent (30 percent in the case of a facility or unit placed in service before January 1, 2017) of the total carbon dioxide emissions of which is qualified carbon dioxide which is disposed of or utilized as provided in paragraph (7). (II) Other facilities The sale of any good or service from any facility (other than a power generation facility) which is a qualified facility described in section 45Q(c) and the captured qualified carbon dioxide (as so defined) of which is disposed of as provided in paragraph (7). . (b) Renewable chemical (1) In general Section 7704(d) of such Code is amended by adding at the end the following new paragraph: (6) Qualifying renewable chemical (A) In general The term qualifying renewable chemical means any renewable chemical (as defined in section 9001 of the Agriculture Act of 2014)— (i) which is produced by the taxpayer in the United States or in a territory or possession of the United States, (ii) which is the product of, or reliant upon, biological conversion, thermal conversion, or a combination of biological and thermal conversion, of renewable biomass (as defined in section 9001(13) of the Farm Security and Rural Investment Act of 2002), (iii) the biobased content of which is 95 percent or higher, (iv) which is sold