The Denver-based Colorado Association for Recycling (CAFR) has announced that Gov. John Wright Hickenlooper signed the Machine Tools Safe Tax Exempt Recovered Materials bill into law Wednesday June 8, 2016. This bill allows the tax exemptions on machinery and equipment previously extended to traditional manufacturers to include machinery and equipment used in the reprocessing, remanufacturing and reuse of recyclables.
CAFR says the tax exemption secured by this bill will spur investment by processors and remanufacturers, bolster local businesses and support a source of local materials and supplies for recyclables processors and manufacturers in the state.
The bill was sponsored by Sen. Kevin Grantham and Rep. Kevin Priola.
The signing comes just days before the annual Summit for Recycling, hosted by CAFR, which will be held in Grand Junction June 12-14.
A 2014 study found that recycling, reuse and remanufacturing sectors sustain more than 85,000 jobs in the state, CAFR says.
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