This bill expands the federal tax code to exclude certain water-related rebates and subsidies from income taxation. Currently, homeowners can exclude energy conservation rebates from their taxable income; this legislation extends that same treatment to rebates for water conservation, storm water management, and wastewater management improvements to primary residences. The subsidies would be provided by public utilities, storm water management providers, or state and local governments to customers or residents who install qualifying measures like water-efficient fixtures, storm water reduction systems, or septic tank upgrades. The bill defines each type of measure and specifies which entities can provide the subsidies. The tax exclusion would apply retroactively to amounts received after December 31, 2021, meaning homeowners who received such rebates in recent years could potentially benefit. This change aims to encourage water conservation and sustainable water management by making utility rebate programs more financially attractive to homeowners.
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