Bill > S2430

This bill amends the Internal Revenue Code of 1986 to expand the exclusion for certain conservation subsidies to include subsidies for water conservation or efficiency measures and storm water management measures. Specifically, the bill allows taxpayers to exclude from their gross income subsidies provided by public utilities, storm water management providers, or state/local governments for the purchase or installation of water conservation, efficiency, or storm water management measures for their dwelling units. The bill also defines key terms like "water conservation or efficiency measure" and "storm water management measure" and clarifies the definitions of "public utility" and "storm water management provider." The amendments made by this bill will apply to amounts received after December 31, 2021, and the bill states that it shall not be construed to create any inference about the proper tax treatment of such subsidies received before that date.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/2430/all-info