H.R.7408 - A bill to amend the Internal Revenue Code of 1954 to provide reasonable and necessary income tax incentives to encourage the utilization of recycled solid waste materials and to offset existing income tax advantages which promote depletion of virgin natural resources.93rd Congress (1973-1974)
|Sponsor:||Rep. Broomfield, William S. [R-MI-19] (Introduced 05/02/1973)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/02/1973 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.7408 — 93rd Congress (1973-1974)All Information (Except Text)
Introduced in House (05/02/1973)
Allows a tax deduction under the Internal Revenue Code for specified percentages of the amounts paid during the taxable year by the taxpayer to purchase recycled solid waste materials for manufacture by the taxpayer into useful raw materials or salable products.
Directs the Administrator of the Environmental Protection Agency, by regulation and after a hearing, to disallow such deduction with respect to any solid waste material if the Administrator finds that such deduction is not required to alleviate the depletion of any virgin natural resource.
Allows every taxpayer, at his election in lieu of any depreciation deduction, to deduct the amortized basis of any solid waste recycling facility based on a period of 60 months. Provides that the taxpayer may, at any time after making such election, discontinue the amortization deduction with respect to the remainder of the amortization. (Adds 26 U.S.C. 189, 190)