US Senate bill offers tax credits to recyclers.Sen. Jim Jeffords
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a press release from the senator's office, the legislation offers tax incentives that would 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 declining recycling rates and resulting energy loss by providing incentives to increase collection and distribution of recyclables and recycling. The RISE Act will help companies overcome financial barriers to recycling by providing tax incentives, which include a 15 percent tax credit or a 50 percent depreciation deduction for machinery purchases, helping to offset equipment costs, according to the press release. Additionally, the legislation would allow recycling facilities to be eligible for tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing. "This bill will help capture the significant energy savings available through greater recycling," Jeffords, the ranking member In United States politics, the ranking member or ranking minority member is a member of a congressional committee from the minority party, frequently the member with the highest seniority. of the Senate Environment and Public Works Committee, says. A coalition of more than 35 industry, governmental and environmental organizations support the RISE Act, including the Institute of Scrap Recycling Industries Inc, the National Recycling Coalition Inc., U.S. Conference of Mayors/Municipal Waste Management Association, National Solid Wastes Management Association, Glass Packaging Institute The Glass Packaging Institute (GPI) is a trade association for the U.S. glass container industry. It lobbies on behalf of its members, while providing them with technical, promotional and public relations support. and the American Beverage Association American Beverage Association is a trade organization that represents the beverage industry in the United States. Its members include producers and bottlers of soft drinks, bottled water, and other non-alcoholic beverages. , according to the senator's office. A link to the text of the bill is available at www.RecyclingToday.com and at http:// jeffords.senate.gov/RISEACT.pdf. |
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