Waste Industry Applauds Move by Congress, White House to Extend Tax Benefits
WASHINGTON, Dec. 23, 2014 /3BL Media/ — 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 after passage by Congress. 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.
“Many of our members will benefit from these tax extensions as they prepare to file their 2014 returns,” said Sharon H. Kneiss, president and CEO of NW&RA. “We are particularly pleased with the renewable energy and work opportunity credits that not only reward our industry’s forward-thinking efforts but they also promote the good work of the private waste and recycling sector that American families depend on.”
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.
“The Association is proud to have championed these issues through our work with members of Congress and their staffs, urging them to keep the incentives in place,” said Kneiss.
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.
“The renewable and alternative energy extensions afforded by H.R. 7551 empower our industry to continue pushing innovation and improvement in the way we do business,” Kneiss said.
Also impacting the industry was the extension of the Work Opportunity Tax Credit for hiring individuals from a number of groups—including veterans, the long-term unemployed and workers on government assistance—and the extension of a “bonus depreciation” allowance on certain business property.
H.R. 7551, originally sponsored by Rep. Dave Camp (R-Michigan), went through a rigorous series of iterations, amendments and debates before eventually passing by comfortable margins in both the House and Senate.
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The National Waste & Recycling Association is the trade association that represents the private sector waste and recycling services industry. Association members conduct business in all 50 states and include companies that collect and manage garbage, recycling and medical waste, equipment manufacturers and distributors and a variety of other service providers. For more information about NW&RA, visit www.wasterecycling.org.
