New Plastic Tax to Fund Recycling and Reduce Environmental Contamination.
This bill establishes a new excise tax on virgin plastic resin and imported single-use plastic items, such as packaging and containers. The goal is to incentivize manufacturers to use recycled materials instead of new plastic, potentially affecting consumer prices. Revenue generated will be dedicated to a fund supporting recycling infrastructure improvements, reuse systems, and plastic waste cleanup efforts.
Key points
A new tax is imposed on virgin plastic resin (non-recycled plastic) and imported single-use plastic products (e.g., packaging, cups, bags).
The tax rate starts at 10 cents per pound in 2024 and increases annually, which may lead to higher costs for packaged goods.
Companies using post-consumer recycled plastic or exporting products are exempt from this tax.
Tax revenue is directed to the Plastic Waste Reduction Fund, strictly prohibiting its use for waste incineration or conversion into fuels.
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