The following was published in "RCRA Report" on 3/7/97. The Bill has been with the Ways & Means Committee since 1/7/97. I've checked the sites that track the movement of a bill (e-mail me if you'd like the Web address for that site) and there has been no action taken to date. At first blush, this act would appear to be beneficial to the collision repair industry, as well as a number of other industries, but also raises a great many issues. I will be posting additional information as it becomes available.

HR 316 IH 105th CONGRESS 1st Session To amend the Internal Revenue Code of 1986 to provide a refundable income tax credit for the recycling of hazardous wastes. IN THE HOUSE OF REPRESENTATIVES January 7, 1997 Mr. SOLOMON introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide a refundable income tax credit for the recycling of hazardous wastes. [Italic->] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, [<-Italic] SECTION 1. SHORT TITLE. This Act may be cited as the `Hazardous Waste Recycling Tax Credit Act of 1997'. SEC. 2. CREDIT FOR RECYCLING HAZARDOUS WASTES. (a) IN GENERAL- Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to refundable credits) is amended by redesignating section 35 as section 36 and by inserting after section 34 the following new section: `SEC. 35. CREDIT FOR RECYCLING HAZARDOUS WASTES. `(a) IN GENERAL- There shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to 2 cents for each pound of qualified hazardous waste recycled by the taxpayer during the taxable year. `(b) QUALIFIED HAZARDOUS WASTE- For purposes of this section, the term `qualified hazardous waste' means any substance-- `(1) which is listed by the Environmental Protection Agency under section 3001 of the Solid Waste Disposal Act, or the characteristics of which are identified under such section 3001, and `(2) which is a waste product generated by the taxpayer in a trade or business conducted by the taxpayer.' (b) CLERICAL AMENDMENT- The table of sections for such subpart C is amended by striking the item relating to section 35 and inserting the following new items: `SEC. 35. CREDIT FOR RECYCLING HAZARDOUS WASTES. `SEC. 36. OVERPAYMENT OF TAXES.' (c) EFFECTIVE DATE- The amendments made by this section shall apply to substances recycled after the date of the enactment of this Act in taxable years ending after such date.

-- Tara Munro (dlhe1@aol.com), May 05, 1997

Answers

Please note that our URL has changed.. we can be found at www.dlhe.com. Please make a note of the new address - we'd hate to think we left anybody behind. The address may be different but our site is the same..full of information that can be very helpful for painting/coating professionals !!

-- Tara L. Munro (dlhe1@aol.com), June 27, 1997.