S. 1587, The RISE Act

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 1587 would amend the Internal Revenue Code to allow a special depreciation allowance for reuse and recycling property and to provide for tax-exempt financing of recycling equipment.

Detailed Summary

Recycling Investment Saves Energy or the RISE Act - Amends the Internal Revenue Code to allow: (1) a first-year tax deduction of 50% of the adjusted basis of qualified reuse and recycling property; and (2) tax-exempt bond financing for recycling facilities. Defines "qualified reuse and recycling property" as property placed in service after December 31, 2006, which has a useful life of at least five years and which is used exclusively to collect, distribute, or recycle certain scrap materials.

Status of the Legislation

Latest Major Action: 6/11/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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