Date: January 23, 2008
Source: Rep. Hank Johnson
Rep. Johnson Pushes Tax Credit For "Green" Truck Fleets
Tire Recycling Incentive Reduces Landfill Waste, Oil Dependency
Rep. Hank Johnson introduced legislation today that would provide temporary tax credits to companies that use recycled tire content in their vehicle fleets. Known as the TIRE Act, H.R. 5103 amends the Internal Revenue Service Code of 1986 to allow a $3 per tire credit for five years against income tax for fleet operators that purchase tires made from recycled rubber. The TIRE Act caps incentives at $100 million.
"This is a common sense approach to dealing with the millions of tires that are discarded every year. Tire recycling is environmentally friendly and is a fuel-efficient, cost-effective way of reducing waste and our dependency on foreign oil," said Rep. Johnson. "Until recently, recycled tires had limited uses, but recent technological advances have expanded opportunities for recycled tire materials. The TIRE Act targets fleets as major users to achieve major results."
According to Congressman Johnson, more than 280 million tires are manufactured annually in the U.S. To produce a tire requires seven gallons of petroleum and each truck tire requires 22 gallons. Every tire made with 10 percent recycled rubber, Rep. Johnson explained, saves one gallon of oil in the manufacturing process. The TIRE Act will encourage companies to buy tires with recycled rubber content to help reduce our dependence on foreign oil.
"Promoting these alternative and environmentally friendly technologies will not only help reduce our dependence on foreign oil, but it will also create jobs and business opportunities for the future," added Johnson. "This legislation supports and reinvigorates the nation's recycling industry; addresses a serious environmental hazard; helps to reduce our country's dependence on foreign oil, and helps to eradicate tire stockpiles."
Joining Congressman Johnson are 11 original cosponsors: Rep. Joe Knollenberg, Rep. Joe Crowley, Rep. Diane Watson, Rep. John Lewis, Rep. Ed Perlmutter, Rep. Elijah Cummings, Rep. Al Green, Rep. Yvette Clarke, Rep. Steve Kagen, Rep. Linda Sanchez, and Rep. Keith Ellison.
For more information, contact:
Deb McGhee Speights
The Office of Congressman Hank Johnson
4th Congressional District of Georgia
1133 Longworth House Office Building
Washington, DC 20515-0107
404-593-9126
(www.house.gov/apps/list/press/ga04_johnson/2008_01_24_tire_recycling.html)
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