,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #ddff  ,,in ,,the ,,house ,,of  
,,representatives  ,july #af1 #bjbe,mr4 
,suozzi 7for himself and ,mr4           
,fitzpatrick7 introduced the following  
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to establish a recycling
 property investment credit1 and for    
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,cultivating   
,investment in ,recycling and ,circular 
,local ,economies ,act of #bjbe or the  
,,circle ,act4  #b4 ,findings ,congress 
finds the following3 7#a7 ,the national 
recycling goal set by the ,environmental
 ,protection ,agency is #ej percent by  
#bjcj4  7#b7 ,america's recycling rate  
hovers around #cj percent4  7#c7 ,the   
establishment of a tax credit for       
investment in existing and new recycling
 infrastructure would promote recycling 
by facilitating modernized and upgraded 
recycling operations and increasing     

supply of domestically recycled         
materials4  7#d7 ,new recycling         
infrastructure would support responsible
 end markets by helping to meet         
significant demand for domestically     
sourced recycled material4  7#e7        
,domestic markets face increased        
competition from international actors   
who may dump virgin materials or        
not-verifiably-recycled content in      
,united ,states markets1 undercutting   
the domestic recycling economy4  7#f7   
,it is in the best interests of the     
,united ,states to fully develop our    
recycling capacities4  #c4 ,recycling   
property investment credit  7a7 ,in     
general ,subpart ,e of part ,,iv of     
subchapter ,a of chapter #a of the      
,internal ,revenue ,code of #aihf is    
amended by inserting after section      
#dh;,e the following new section3       
#dh;,f4 ,recycling property investment  
credit  7a7 ,in general ,for purposes of
 section #df1 the recycling property    
investment credit for any taxable year  

is an amount equal to #cj percent of the
 qualified investment for such taxable  
year4  7b7 ,qualified investment  7#a7  
,in general ,for purposes of subsection 
7a71 the qualified investment for any   
taxable year is the basis of any        
eligible property placed in service by  
the taxpayer during such taxable year4  
7#b7 ,eligible property ,for purposes of
 this section1 the term eligible        
property means property-- 7,a7 which is 
qualified recycling property1  7,b7 with
 respect to which depreciation 7or      
amortization in lieu of depreciation7 is
 allowable1 and  7,c7 7i7 the           
construction1 reconstruction1 addition1 
or erection of which is completed by the
 taxpayer1 or  7ii7 which is acquired by
 the taxpayer if the original use of    
such property commences with the        
taxpayer4  7c7 ,special rules ,for      
purposes of this section-- 7#a7 ,certain
 progress expenditure rules made        
applicable ,rules similar to the rules  
of subsections 7c77#d7 and 7d7 of       

section #df 7as in effect on the day    
before the date of the enactment of the 
,revenue ,reconciliation ,act of #aiij7 
shall apply4  7#b7 ,special rule for    
certain subsidized property ,rules      
similar to section #de7;b77#c7 shall    
apply4  7#c7 ,domestic content bonus    
credit amount  7,a7 ,in general ,in the 
case of any qualified investment which  
satisfies the requirement under         
subparagraph 7,b71 the amount of the    
credit determined under subsection 7a7  
7determined without regard to this      
paragraph before the application of     
subsection 7d7 and after the application
 of any other provision of this section7
 shall be increased by an amount equal  
to #aj percentage points of the amount  
so determined4  7,b7 ,requirement ,rules
 similar to the rules of section        
#de7;b77#i77;,b7 shall apply4  7#d7     
,phaseout for elective payment ,in the  
case of a taxpayer making an election   
under section #fdag with respect to a   
credit under this section1 rules similar

 to the rules of section #de7;b77#aj7   
shall apply4  7d7 ,credit phase-,out    
7#a7 ,in general ,the amount of the     
credit determined under subsection 7a7  
with respect to any qualified investment
 shall be equal to the product of-- 7,a7
 the amount of the credit determined    
under subsection 7a7 without regard to  
this subsection1 multiplied by  7,b7 the
 phase-out percentage under paragraph   
7#b74  7#b7 ,phase-out percentage ,the  
phase-out percentage under this         
paragraph is equal to-- 7,a7 in the case
 of any eligible property with a        
determination date beginning on or after
 ,january #a1 #bjbf1 and before         
,december #ca1 #bjcb1 #ajj percent1     
7,b7 in the case of any eligible        
property with a determination date      
beginning on or after ,january #a1      
#bjcc1 and before ,december #ca1 #bjcc1 
#hj percent1  7,c7 in the case of any   
eligible property with a determination  
date beginning on or after ,january #a1 
#bjcd1 and before ,december #ca1 #bjcd1 

#fj percent1  7,d7 in the case of any   
eligible property with a determination  
date beginning on or after ,january #a1 
#bjce1 and before ,december #ca1 #bjce1 
#dj percent1  7,e7 in the case of any   
eligible property with a determination  
date beginning on or after ,january #a1 
#bjcf1 and before ,december #ca1 #bjcf1 
#bj percent1 and  7,f7 in the case of   
any eligible property with a            
determination date beginning on or after
 ,january #a1 #bjcg1 #j percent4  7#c7  
,determination date ,for purposes of    
paragraph 7#b71 the determination date  
of an eligible property is-- 7,a7 in the
 case such property is described in     
subsection 7b77#b77;,c77i71 the date on 
which the construction1 reconstruction1 
addition1 or erection of such property  
begins1 and  7,b7 in any other case1 the
 date on which such property is placed  
in service4  7e7 ,denial of double      
benefit ,in the case of any eligible    
property with respect to which credit is
 allowed under subsection 7a7-- 7#a7 no 

other credit or deduction shall be      
allowed for1 or by reason of1 such      
property to the extent of the amount of 
such credit1 and  7#b7 the basis of such
 property shall be reduced by the amount
 of such credit4  7f7 ,regulations and  
guidance ,the ,secretary shall issue    
such regulations or other guidance as   
the ,secretary determines necessary to  
carry out the purposes of this section1 
including regulations or other guidance 
which provides for requirements for     
recordkeeping or information reporting  
for purposes of administering the       
requirements of this section4  7g7      
,definitions ,for purposes of this      
section-- 7#a7 ,qualified recycling     
property ,the term qualified recycling  
property has the meaning given the term 
reuse and recycling property in section 
#afh7m77#c77;,a74  7#b7 ,qualified reuse
 and recyclable materials ,the term     
qualified reuse and recyclable materials
 has the meaning given such term in     
section #afh7m77#c77;,b71 except that   

for purposes of this section such term  
includes any video display device and   
any computer device 7including computer 
peripherals1 such as keyboards1 mice1   
speakers1 cables1 printers1 and         
scanners74  7#c7 ,recycle ,the term     
recycle has the meaning given such term 
in section #afh7m77#c77;,c71 except that
 for purposes of this section such term 
does not include-- 7,a7 any method of   
sorting1 processing1 and aggregating    
materials from solid waste that-- 7i7   
does not preserve the original quality  
of such materials1 and  7ii7 results in 
the aggregated material not being       
usable-- 7,i7 for the initial purpose   
7or a substantially similar purpose7 of 
such materials1 or  7,,ii7 as feedstock 
in lieu of virgin feedstock in the      
production of specification grade       
commodities1 or  7,b7 the primary use of
 waste or qualified reuse and recyclable
 materials-- 7i7 as a fuel or fuel      
substitute2  7ii7 for the production or 
generation of energy 7including heat and

 electricity72  7iii7 for incineration2 
7iv7 for alternate operating cover2 or  
7v7 within the footprint of a landfill4 
4  7b7 ,credit made part of investment  
credit ,section #df of such ,code is    
amended by striking and at the end of   
paragraph 7#f71 by striking the period  
at the end of paragraph 7#g7 and        
inserting 1 and1 and by adding at the   
end the following new paragraph3  7#h7  
the recycling property investment       
credit4  4  7c7 ,clerical amendment ,the
 table of sections for subpart ,e of    
part ,,iv of subchapter ,a of chapter #a
 of such ,code is amended by inserting  
after the item relating to section      
#dh;,e the following new item3  #dh;,f4 
,recycling property investment credit4  
4  7d7 ,effective date ,the amendments  
made by this section shall apply to--   
7#a7 in the case of property described  
in section #dh;,f7b77#b77;,c77i7 of the 
,internal ,revenue ,code of #aihf 7as   
added by subsection 7a771 property which
 is constructed1 reconstructed1 added1  

or erected after ,december #ca1 #bjbe1  
and  7#b7 in any other case1 property   
which is placed in service after        
,december #ca1 #bjbe4