This bill pertains to the establishment of a recycle credit program by the Alabama Department of Environmental Management (ADEM). The program involves the issuance, sale, or transfer of recycle credits, which are transferable credits issued by the department to recyclers for every ton of recyclable materials used to produce a new product or an energy source. The bill defines key terms such as "recyclable materials," "recycle credit," "recycle credit certificate," "recycle credit market," "recycler," and "transfer." It outlines the process for issuing recycle credits, including the application process, the possibility of a fee for issuing a credit, the expiration of credits, and the determination of their price through written agreements. The bill also stipulates that the department may not issue more than 50 million credits or certificates per year and requires registration of credit transactions within 30 days, accompanied by a registration fee.

The bill further addresses the administration of the recycle credit transactions by ADEM, including the adoption of rules and the handling of transactions. It prohibits the falsification of recycle credit certificates and fraudulent transfers, authorizing the department to impose civil penalties for such violations in accordance with the Alabama Environmental Management Act. The act is set to become effective on October 1, 2024. There are no specific insertions or deletions from current law indicated in the provided text. The bill passed with a significant majority, with 101 yeas, 1 nay, and no abstentions.

Statutes affected:
Introduced: 22-27-2
Engrossed: 22-27-2