What does Preamble of Water Conservation Rebate Tax Parity Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment would expand the exclusion for certain conservation subsidies. The expansion includes subsidies for water conservation or efficiency measures. It also includes subsidies for storm water management measures. Finally, the bill would include subsidies for wastewater management measures.

What does SHORT TITLE. of Water Conservation Rebate Tax Parity Act do?

This bill is formally titled the Water Conservation Rebate Tax Parity Act

What does MODIFICATIONS TO INCOME EXCLUSION FOR CONSERVATION SUBSIDIES. of Water Conservation Rebate Tax Parity Act do?

This section modifies section 136 of the Internal Revenue Code of 1986 regarding the exclusion from income of certain subsidies. It expands the types of subsidies eligible for exclusion to include those for water, storm water, and wastewater management measures. These subsidies can be provided by public utilities, storm water management providers, or state/local governments to residents for the purchase or installation of qualifying measures at their principal residence. The section defines 'water conservation or efficiency measure,' 'storm water management measure,' and 'wastewater management measure' for the purposes of this exclusion. It also updates the definition of 'public utility' to include entities selling electricity, natural gas, or water. The amendments apply to amounts received after December 31, 2021. The section clarifies that nothing in the Act should be construed to create an inference about the tax treatment of subsidies received before January 1, 2022.

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Water Conservation Rebate Tax Parity Act

Last updated: 3/5/2025 · Introduced: 3/5/2025

Author: John Curtis (R-UT)

TL;DR (AI)

The bill expands the exclusion from income for certain conservation subsidies to include those for water conservation or efficiency measures, storm water management measures, and wastewater management measures.
Subsidies for these measures can be provided by public utilities, storm water management providers, or state and local governments to residents for the purchase or installation of qualifying measures at their principal residence.
The amendments apply to amounts received after December 31, 2021, and do not affect the tax treatment of subsidies received before January 1, 2022.

119th Congressin committeeHR. 1871(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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