Chemical Tax Repeal Act

S 1195, the Chemical Tax Repeal Act, eliminates excise taxes on specific chemicals and substances by amending the Internal Revenue Code. It directly affects chemical manufacturers and distributors who previously paid these taxes under subchapters B and C of Chapter 38. The bill repeals these tax provisions by striking the relevant sections from the tax code, effective January 1, 2023. This creates a concrete policy change by removing a tax obligation for covered chemical businesses.