Marc Savino from Century Waste Management Services is trying to increase awareness for businesses in New York City that recycling not only helps the environment but also offers many tax breaks. Recycling companies can take advantage of state and federal programs which offer monetary benefits. When businesses produce waste, they should responsibility dispose of it; however, recycling presents an opportunity for businesses to save money as well. There are various tax and financial incentives available for companies who recycle properly and make specific changes to their waste management policies.
Recycling and waste management are important not only for the environment but also for your company’s bottom line. Many initiatives offer rewards to companies who implement green practices, while penalizing those that haven’t modernized their commercial garbage disposal equipment and processes. What financial benefits can your company realize by recycling?
Incentives for Recycling
Disposing of commercial garbage can be very costly for businesses, but the federal government offers tax credits on qualifying recycling and commercial garbage disposal equipment to help offset these costs. In addition, many states offer recycling programs that provide financial incentives for businesses to recycle.
Federal Tax Breaks for Recycling and Energy Conservation
- IRS recycling tax credits: You may be eligible for depreciation and energy credits from the IRS if you recycle certain items or use products such as solar panels or fuel cells. Some of the qualifying items on the tax credit list include recyclable materials collected after 2008, and biomass- and biofuel-related property. The machinery used to process, collect or distribute recycling materials may also qualify.
- The Department of Energy: The Department of Energy provides grants to businesses for meeting energy-saving requirements through specific projects or inventing new ways to save energy. The DEP also offers waste disposal program grants to states; these are then generally given by the state government to businesses that recycle a certain percentage of their materials.
State Tax Incentives for Recycling and Responsible Waste Management
- State Credits on Business Income Tax. Up to 40% of their tax liability for the year, Virginia and other states are offering credits to corporations that buy equipment used for recycling. Unused amounts can be applied later to tax years. With income tax credits for recycling equipment purchases,Other states include New Mexico , Idaho , and Arizona .
- State Property Tax Exemptions. A cost-saving incentive for companies that recycle materials like plastic, wood, and cardboard exists in the form of property tax exemptions from states including Nevada, Iowa, North Carolina, and Louisiana.
- State Exemptions on Sales Tax. Depending on your business type, you might be eligible for sales tax exemptions on equipment purchases. In North Carolina, for example, companies that create recycled products or operate recycling facilities with a minimum of 250 full-time jobs can apply. Iowa and New Jersey have similar programs available to businesses focused on recycling.
Other Benefits of Recycling for your Business
Furthermore, profit from recycling doesn’t only come government rebates and credits. In fact, when consumers are aware that a business recycles and disposes of their waste sustainably, it improves their opinion of the company. The majority of consumers polled said they would rather do business with eco-friendly businesses.
Our customers of Century Waste Management Services in New York City are committed to commercial recycling and waste reduction because they understand the importance of these essential benefits of recycling. Recycling paper can help save trees and other natural resources. Reusing or recycling glass bottles conserves energy and raw materials. And recycling aluminum cans reduces the amount of mining for bauxite, while also saving energy. Composting organic waste helps reduce greenhouse gases too – like carbon dioxide emissions from landfills. Lastly, recycling also creates new jobs in manufacturing without depleting existing natural resources – so it’s good for economic security, too!
How Can Recycling Improve Your Bottom Line?
By analyzing your waste stream and upgrading to newer, efficient equipment, you can reduce costs at your business. Consulting with a company like Century Waste Management Services in New York City will give you the resources and knowledge necessary to make smart decisions about evolving your organization’s waste management practices.
Did you know that recycling could save your business money? Reducing contamination rates, reclaiming recyclable materials’ value, and securing tax credits or incentives are only a few of the ways. If you’re based in New York City, the national waste management brokers and consultants at Century Waste Management Services can help audit your waste and get competitive rates on recycling and waste hauling services. Plus, we have commercial and industrial grade tools for any sized company who’s ready to upgrade their equipment.