[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. <all>