[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 639 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 639

  To amend the Internal Revenue Code of 1954 to provide a refundable 
        income tax credit for the recycling of hazardous wastes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 26, 1993

Mr. Sundquist introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1954 to provide a refundable 
        income tax credit for the recycling of hazardous wastes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That (a) subpart A of 
part IV of subchapter A of chapter 1 of the Internal Revenue Code of 
1954 (relating to credits allowable) is amended by inserting after 
section 44H the following section:

``SEC. 44I. CREDIT FOR RECYCLING HAZARDOUS WASTES.

    ``(a) Allowance of Credit.--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 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)(1) Subsection (b) of section 6401 of such Code (relating to 
excessive credits treated as overpayments) is amended--
            (A) by striking out ``and 43 (relating to earned income 
        credit)'' and inserting in lieu thereof ``43 (relating to 
        earned income credit), and 44I (relating to credit for 
        recycling hazardous wastes)'', and
            (B) by striking out ``39 and 43'' and inserting in lieu 
        thereof ``39, 43, and 44I''.
    (2) Paragraph (2) of section 55(f) of such Code (defining regular 
tax) is amended by striking out ``and 43'' and inserting in lieu 
thereof ``43, and 44I''.
    (3) Section 56(c) of such Code is amended by striking out ``and 
44G'' and inserting in lieu thereof ``44G, and 44I''.
    (c) The table of sections for subpart A of part IV of subchapter A 
of chapter 1 of such Code is amended by inserting after section 44H the 
following new section:

                              ``Sec. 44I. Credit for recycling 
                                        hazardous wastes.''
    (d) 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.

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