Bill > S4897

This bill amends the Internal Revenue Code to expand the income tax exclusion for certain conservation subsidies to include subsidies for water conservation or efficiency measures, storm water management measures, and wastewater management measures. The bill defines these terms and expands the definition of "public utility" to include providers of storm water management measures. The amendments made by the bill apply to amounts received after December 31, 2021, and the bill states that it does not create any inference about the proper tax treatment of such subsidies received before that date.