Last week’s landmark rescue package for the troubledfinancial sector also included a little-noticed provision to provide tax credits to recyclers. The Recycling Investment Saves Energy ("RISE") provision was one of several renewable energy incentives in the bill and will help recyclers purchase needed equipment and invest in advanced technologies. The SteelGuru website reports:
The scrap recycling industry has been seeking this accelerated tax depreciation allowance since the 109th Congress.
Mr Robin Wiener president of the Institute of Scrap Recycling Industries said that "We are immensely gratified and pleased that the Congress has chosen to pass the RISE provisions as part of the legislation dealing with the current financial crisis. RISE will lead to improvements in recycling by providing low cost incentives for purchases of recycling equipment that will ultimately help the United States reduce its energy use and greenhouse gas emissions while helping the U.S. economy and creating good manufacturing jobs."