Congressman Conaway recently introduced H.R. 1770, the “Corrosion Prevention Act of 2007.” This bill will provide businesses a tax credit for costs associated with preventing or mitigating corroding metals.
“The goal of this legislation is to reduce the threat of toxic pollution in our environment, along with the potential effects that this pollution can have on public health,” said Conaway. “Many industries use storage tanks to hold toxic materials such as MTBE, benzene, toluene, and heavy metals. Unless preventive methods are put in place, these storage tanks can corrode and leak toxins into underground drinking water supplies.”
Engineers have long known of the tremendous costs of corrosion both in monetary terms and safety concerns. Engineers estimate corrosion costs our economy approximately $300 billion per year.
Conaway went on to say, “Although all costs from corrosion cannot be completely eliminated, it has been estimated that 25% to 30% of these costs could be saved every year if proper corrosion management practices are employed. It is important that Congress, local governments, and private industries begin to address the damaging effect that corrosion has on America’s infrastructure, industrial competitiveness, job retention, and the environment.”
