WASHINGTON (Feb. 1, 2008) — Rep. Hank Johnson, D-Ga., and 10 co-sponsors have introduced the Tire Investment, Recovery and Extension Act in the House of Representatives.
The bill seeks to encourage rubber recycling by giving vehicle fleet operators a $3 tax credit for every new or retread truck tire they purchase that contains a certain percentage of recycled rubber.
The bill would require 8-percent recycled content in new tires and 10-percent recycled content in retread tires during the first year, increasing gradually to 12 percent for new tires and 14 percent for retread tires by the fifth year.
Johnson represents Georgia's Fourth Congressional District; that district includes Tucker, Ga., which is the site of the manufacturing plant of Lehigh Technologies Inc., a major manufacturer of engineered recycled rubber powders for the manufacturing of tires and other rubber goods.
"This proposed legislation is critical, in that it will help ensure that a market for recycled content tires will be available for those tire companies willing to take the lead in developing and promoting truly 'green' tires," said Lehigh CEO Dennis Gormley in a press release.
The bill was referred to the House Ways and Means Committee, where no hearings have yet been scheduled, according to a spokeswoman for Johnson's office.