Concerning the sales and use tax treatment of equipment used to manufacture new metal stock from scrap or end-of-life-cycle metals, and, in connection therewith, making an appropriation.
Purchases of machinery or machine tools to be used in Colorado directly and predominantly in manufacturing tangible personal property are currently exempt from state sales and use tax. Manufacturing is currently defined to include the processing of recovered materials. The bill expands the definition of recovered materials to include materials that have been derived from scrap metal or end-of-life-cycle metals for remanufacturing, reuse, or recycling into new metal stock that meets applicable standards for metal commodities sales. The bill makes an appropriation.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)