CIRCLE Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The CIRCLE Act establishes a tax credit to encourage investment in recycling infrastructure and activities. This credit, known as the Recycling Property Investment Credit, allows taxpayers to claim 30% of qualified investments in eligible recycling property. The credit phases out over time, with a maximum of 100% in the initial years and decreasing to 0% after 2036, and includes bonus credit for domestically sourced recycled content. The bill aims to boost domestic recycling capacity and compete with international actors in the recycling market.
Key provisions
- Provides a 30% tax credit for qualified recycling property investments.
- Defines ‘qualified recycling property’ as property used in recycling operations or acquired by a taxpayer for recycling purposes.
- Includes a phase-out schedule for the credit, decreasing over time from 100% to 0%.
- Offers a 10 percentage point bonus credit for investments utilizing domestically sourced recycled content.
- Clarifies definitions related to recycling and recyclable materials.
- Allows for recordkeeping and reporting requirements to administer the credit.
- Specifies that the credit cannot be claimed for certain waste management practices like fuel or landfill cover.
- Integrates the recycling credit into existing investment credit provisions.
Who is affected
- Businesses involved in recycling operations
- Taxpayers investing in recycling infrastructure
Bill text
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Sponsors
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6 on record
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