CRM Rubber receives tax credits from California State Treasurer’s office
CRM Rubber receives tax credits from California State Treasurer’s office
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The rubber recycling company CRM Rubber, headquartered in Newport Beach, California, has received a $3.4 million tax credit by the California State Treasurer’s Office to expand its Stockton, California operations.
The Treasurer’s Office awarded more than $190 million in tax exemptions to recycling-based companies. The exemptions were made available under a bill, AB 199, which was authored in 2015 by Assemblymember Susan Talamantes Eggman, D-Stockton. The bill expanded the existing California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) tax exemption to include purchases of equipment used to process recyclables for use in other products, or make new products from recyclable material.
CRM Rubber, a manufacturer of crumb rubber, was awarded its tax break for establishing a facility at the Port of Stockton, as well as employing close to 20 people.
“Assemblymember Eggman’s bill was extremely helpful in bringing our company to the Stockton area. We had been considering an additional tire recycling plant in northern California for some time, and the promise of a sales tax exemption in AB 199 was important in that decision,” says Brian Wong, CRM’s chief financial officer. “We thank Ms. Eggman and the various environmental groups like Californians Against Waste for achieving such bipartisan support for the bill.”
Other recipients of tax credits and their projects are:
- Waste Management of Alameda County, which is building an organics MRF (materila recovery facility) and organics material composting facility in San Leandro;
- Waste Management Recycling and Disposal Services of California Inc., which will build an organic waste MRF in Sun Valley;
- SANCO Services, which will add a single-stream line and a mixed solid waste recovery line at its facility in Escondido;
- Recology San Francisco, which will upgrade and expand an existing MRF in San Francisco;
- The Monterey Regional Waste Management District, which will replace an existing MRF in Marin;
- Mid-Valley Disposal, which will replace a mixed recyclables processing line and build an organics composting facility in Fresno;
- MSB Investors LLC, which will build a MRF in Santa Barbara;
- EDCO Disposal Corp., which will add a new mixed solid waste recovery line in San Diego; and
- EDCO Transport Services LLC, which will add a single-stream line and a mixed solid waste recovery line at its location in Signal Hill.
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Source: Recycling Today
CRM Rubber receives tax credits from California State Treasurer’s office
<![CDATA[The rubber recycling company CRM Rubber, headquartered in Newport Beach, California, has received a $3.4 million tax credit by the California State Treasurer’s Office to expand its Stockton, California operations. The Treasurer’s Office awarded more than $190 million in tax exemptions to recycling-based companies. The exemptions were made available under a bill, AB 199, which was authored in 2015 by Assemblymember Susan Talamantes Eggman, D-Stockton. The bill expanded the existing California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) tax exemption to include purchases of equipment used to process recyclables for use in other products, or make new products from recyclable material. CRM Rubber, a manufacturer of crumb rubber, was awarded its tax break for establishing a facility at the Port of Stockton, as well as employing close to 20 people. “Assemblymember Eggman’s bill was extremely helpful in bringing our company to the Stockton area. We had been considering an additional tire recycling plant in northern California for some time, and the promise of a sales tax exemption in AB 199 was important in that decision,” says Brian Wong, CRM’s chief financial officer. “We thank Ms. Eggman and the various environmental groups like Californians Against Waste for achieving such bipartisan…