The National Waste & Recycling Association (NW&RA) endorsed the move by Congress and President Barrack Obama to extend several expiring tax incentives for the 2014 calendar year.
President Obama signed into law H.R. 7551, which allows for a one-year extension of a package of tax credits that would have expired at the end of 2013. Those who benefit from the extensions now can apply the credits toward their 2014 tax year fillings.
Of these extensions, several directly support the waste and recycling industry, the Washington-based NW&RA said in a news release.
“Many of our members will benefit from these tax extensions as they prepare to file their 2014 returns,” said Sharon 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 operations. With the extension, any facility whose construction began before 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,” Kneiss said.
Another provision extended excise tax credits for use of alternative fuels, as well as for property dedicated to refueling alternative fuel vehicles. “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 affecting 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.