Bill 119 HR 1264 aims to make changes to the Internal Revenue Code of 1986 by removing lead oxide, antimony, and sulfuric acid from the list of taxable chemicals under the Superfund excise taxes. The Superfund excise taxes are used to fund the cleanup of hazardous waste sites across the country.
Lead oxide, antimony, and sulfuric acid are commonly used in various industries, but they can also pose serious health and environmental risks if not properly managed. By eliminating these chemicals from the list of taxable substances, the bill seeks to reduce the financial burden on businesses that use these chemicals while still ensuring that they are handled safely and responsibly.
This legislation has the potential to benefit both businesses and the environment by incentivizing the use of safer alternatives to these hazardous chemicals. It also aligns with efforts to promote sustainability and protect public health.
Overall, Bill 119 HR 1264 represents a targeted and practical approach to addressing environmental concerns while also supporting economic growth.