“To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for certain wastewater management subsidies.”
No CRS summary available for this bill.
This section expands the exclusion from gross income under IRC §136(i.e., the energy conservation subsidy exclusion) to include subsidies provided directly or indirectly by a state or local government to a resident for the purchase or installation of a wastewater management measure at the taxpayer's residence (i.e., any installation or modification of property primarily designed to manage wastewater, including septic tanks and cesspools, with respect to one or more dwelling units). (Previously, the exclusion applied solely to subsidies provided by public utilities for energy conservation measures.) The amendments apply to amounts received after the date of enactment, in taxable years ending after such date.