Tax Incentives Benefit Waste Industry
Tuesday, December 30, 2014
Posted by: Anne Piacentino
Source: Environmental Daily
The National Waste & Recycling Association (NW&RA) welcomed the decision by Congress and President Barack Obama to extend a number of expiring tax incentives for the 2014 calendar year.
President Obama signed H.R. 7551, also known as the Tax Increase Prevention Act of 2014, into law on Friday. This legislation allowed for a one-year extension of a large package of tax credits that would have otherwise expired at the end of 2013. Those who benefit from these extensions will now be able to apply these credits toward their 2014 tax year fillings. Of these extensions, several directly support companies operating in the waste and recycling industry, the association says.
One major result of H.R. 7551 was a restructuring and extension of the Section 45 production tax credit, which offers credits for incentives for the development of renewable energy facilities, including landfill gas facilities. With the extension, any facility whose construction has or will have commenced prior to Jan. 1, 2015, is now eligible for the credit.
Another provision extended excise tax credits for use of alternative fuels, as well as for property dedicated to refueling alternative fuel vehicles. The private waste and recycling sector has been a leader in transitioning to vehicle fleets powered by cleaner-burning natural gas and has pushed for similar credits in several states.
In November, Keep America Beautiful, the National Waste & Recycling Association, the Solid Waste Association of North America and the EPA joined together on an initiative to help make US recycling requirements easier to follow.