H.R. 5659 · 110th Congress
To amend the Internal Revenue Code of 1986 to allow a credit against income tax for recycling or remanufacturing equipment.
- Stage
- In committee
- Sponsor
- Phil English
- Introduced
- 2008-03-31
- Latest action
- 2008-03-31 · Introduced in House
Summary
Amends the Internal Revenue Code to allow a tax credit for investment in qualified reclamation property. Defines "qualified reclamation property" as tangible depreciable recycling or remanufacturing property with a useful life of at least five years. Limits the amount of such credit to 20% of the basis (not exceeding $10 million) of qualified reclamation property placed in service during a taxable year.