The U.S. Congress is doing their part to help companies increase recycling through tax incentives to offset the high costs involved with collecting, distributing and recycling materials. Senators Jim Jeffords (I-VT) and Tom Carper (D-DE) introduced this legislation today for the Recycling Investment Save Energy (RISE) Act. A press release from Sen. Jeffords also notes that the bill will include tax-exempt financing of recycling facilities.
WASHINGTON, DC -- U.S. Senator Jim Jeffords, I-Vt., today introduced the Recycling Investment Saves Energy (RISE) Act of 2006, which offers tax incentives that will create jobs, conserve energy and expand America's recycling capacity.
The bill, cosponsored by Sen. Tom Carper, D-Del., Co-Chair of the Senate Recycling Caucus, aims to reverse the declining trend in recycling rates, and the resulting energy loss, by providing incentives for greater collection, distribution and recycling of quality recyclable materials.
The RISE Act will help companies overcome financial barriers to recycling by providing them with tax incentives to help offset the high cost of machinery used to collect, distribute, or recycle material. These tax incentives, which include a 15 percent tax credit or a 50 percent depreciation deduction for the purchase of machinery, will allow companies to acquire state-of-the-art recycling equipment and innovative technology. Additionally, the legislation will allow recycling facilities to be eligible for tax-exempt bond financing.
CAW continues to work on legislation to increase recycling opportunities in California. This includes bills such as AB 2206 (Montañez), to provide recycling opportunities to those living in multi-family dwellings and AB 2449 (Levine), requiring CA supermarkets to take back and recycle plastic bags.
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