Amends the Farm Security and Rural Investment Act of 2002 to include facilities that convert renewable biomass into renewable chemicals in the definitions of "biomass conversion facility" and "biorefinery."
Defines "renewable chemical" as a monomer, polymer, plastic, or formulated product produced from renewable biomass.
Amends the biobased markets program to: (1) require federal procuring agencies to issue a certain number of biobased-only contracts; and (2) require the Secretary of Agriculture (USDA) to designate intermediate ingredients or feedstocks and assembled and finished biobased products in the program guidelines; (3) require the Secretary to issue criteria for determining which assembled and finished products may carry the USDA Certified Biobased Product label; (4) require the Secretary to assess the economic impact of the biobased products industry; (5) authorize the Secretary to carry out outreach, education, and promotion activities; and (6) authorize the Secretary to perform audits.
Makes renewable chemicals and biobased product manufacturing eligible for grant and loan guarantee assistance.
Eliminates feedstocks research, development, and demonstration activities from the Biomass Research and Development Initiative.