A bill to amend the Internal Revenue Code of 1954 to provide income tax incentives to improve the economics of recycling waste paper.

[AI summary unavailable — showing source text] Allows a credit against the income tax imposed under the Internal Revenue Code of $10 for each ton of post-consumer waste paper processed in the United States by the taxpayer during the taxable year into new commercially marketable pulp, paper, paperboard or other similar products. Provides that this credit shall not exceed so much of the liability for tax for the taxable year as does not exceed $25,000, plus 50 percent of so much of the liability for tax for the taxable year as exceeds $25,000. Authorizes a carry back (3 years) and a carryover (7 years) for unused credits. Provides rules for allocation of such credits among controlled corporations, shareholders in corporations electing partnership taxation, and estates or trusts and their beneficiaries.…