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[DOCID: f:h205ih.txt]






107th CONGRESS
  1st Session
                                H. R. 205

  To amend the Internal Revenue Code of 1986 to provide a refundable 
        income tax credit for the recycling of hazardous wastes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 3, 2001

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

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 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,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Hazardous Waste Recycling Tax Credit 
Act of 2001''.

SEC. 2. REFUNDABLE CREDIT FOR RECYCLING HAZARDOUS WASTES.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to refundable credits) 
is amended by redesignating section 35 as section 36 and by inserting 
after section 34 the following new section:

``SEC. 35. CREDIT FOR RECYCLING HAZARDOUS WASTES.

    ``(a) In General.--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 Disposal 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) Technical Amendments.--
            (1) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting ``or from section 35 of 
        such Code'' before the period at the end.
            (2) The table of sections for such subpart C is amended by 
        striking the item relating to section 35 and inserting the 
        following new items:

                              ``Sec. 35. Credit for recycling hazardous 
                                        wastes.
                              ``Sec. 36. Overpayment of taxes.''

    (c) Effective Date.--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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