Empty It First (Disposable Party Tanks)
A disposable party tank (Balloon Time, Zephyr-style) must be completely empty before disposal. Balloon Time's official steps: put on gloves and goggles, fully open the green valve by turning it counterclockwise, and press down on the nozzle until the tank is empty and the hissing stops. Then unscrew the white valve nut and discard the nozzle, use a hammer and flat-head screwdriver to lift and remove the small rupture disc, circle the open hole, and write 'EMPTY' on the tank. That open hole and label show a recycler the cylinder no longer holds pressure.
Then Recycle the Steel
Once it's emptied and marked, the tank is just recyclable steel. The best destinations are a scrap-metal yard (some pay a small rebate), a metal-accepting recycling center or transfer station, or a household hazardous waste (HHW) drop-off. Most curbside recycling programs do NOT accept helium tanks — Houston, for example, bans them from both curbside recycling and the trash — so take it to a scrap or HHW site, and call ahead to confirm they accept empty steel cylinders. Use Earth911 or your county solid-waste department to find one.
Safety
Helium itself is non-toxic and non-flammable, but the tank is a pressurized compressed-gas container, so never puncture, crush or incinerate it while it still holds pressure — only after it's fully vented. Work in a well-ventilated area, keep the tank away from heat, and never expose it to temperatures above about 125°F, since a pressurized cylinder in a fire can rupture or become a projectile. If you're unsure whether it's empty, open the valve again and listen for any hiss before doing anything else.
Large Refillable Cylinders
Big, heavy refillable helium cylinders are a different story. These are owned or rented through an industrial/welding-gas supplier or a party-rental company and are built to be returned, exchanged or refilled. Never scrap, puncture or recycle a rented or refillable cylinder — take it back to the supplier you got it from. A customer-owned cylinder can only be refilled if its hydrostatic test date is current, and a cylinder marked as another company's property must go back to that owner.