Bill > HR2940

This bill proposes to create a new investment tax credit for qualifying water reuse projects, offering a 30 percent credit for investments in water recycling systems and infrastructure. Specifically, the bill allows tax credits for projects that install or modify onsite water recycling systems in industrial, manufacturing, data center, or food processing facilities; replace freshwater usage with recycled water from municipal providers; or build or expand municipal water recycling systems aimed at securing recycled water for producing goods or providing services. The credit applies to tangible property that can be depreciated and is either constructed by the taxpayer or acquired with the taxpayer as its first user. Qualified property transferred to utilities can still qualify for the credit under specific conditions, with the original investor retaining credit eligibility through a written agreement. The tax credit will be available for projects beginning construction by December 31, 2032, and is designed to incentivize water conservation and more efficient water use across various industries by providing a financial benefit for implementing water recycling technologies.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2940/all-info