Remanufacturing tax credit included in the 'Clean Energy Incentives Act'
Fairfax, VA - A comprehensive package of corporate tax incentives aimed at fostering energy savings and efficiency, as well as new sources of energy, was introduced in the House of Representatives as HR 2392, the "Clean Energy Incentives Act."
Representative Jay Inslee (D-WA), who announced the introduction of the bill, specifically highlighted several industries that will receive tax benefits for their environmentally friendly efforts, including the remanufacturing community. Rep. Inslee said, "The marketing for remanufactured and recycled goods will continue to grow, and Congress should help American businesses take advantage of this economic opportunity. My legislation will help encourage the production of remanufactured and recycled products, by providing tax credits for the purchase of equipment. We know that recycled and remanufactured products save substantial amounts of energy, and helps our environment and our economy."
Brian Tubbs, Automotive Parts Rebuilders Association director of public relations, said, "We are very grateful for Congressman Inslee's leadership in recognizing the need for government to encourage those sectors of private industry already providing numerous benefits to the environment. We are particularly appreciative of his including the remanufacturing community in his tax incentives bill."
The inclusion of the Remanufacturing and Metals Recycling Tax Credit in HR 2392 gives the remanufacturing industry its third chance for tax relief in the 107th Congress. It also is included in HR 1037, the Small Employers' Tax Relief Act; and has been introduced as a stand-alone measure, HR 1304, by Representatives Phil English (R-PA) and John Tanner (D-TN).