Advancing Water Reuse Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Advancing Water Reuse Act, creates a tax credit for investments in certain water reuse projects. Specifically, it allows taxpayers to claim a 30% credit for qualified investments made in projects like onsite water recycling systems, replacing freshwater with recycled water, or expanding municipal water recycling systems. The credit applies to tangible property used in these projects and includes provisions for transfers of property to utilities.
Key provisions
- Provides a 30% tax credit for qualified investments in water reuse projects.
- Defines ‘qualified water reuse project’ as installations, replacements, or modifications of onsite systems, freshwater replacement, or municipal system expansions.
- ‘Qualified investment’ includes property constructed, reconstructed, or acquired by the taxpayer.
- Includes a special rule for property transferred to utilities, treating the transferor as eligible for the credit.
- Sets a termination date for the credit, with applications not eligible after December 31, 2032.
- Modifies section 46 of the Internal Revenue Code to include the qualifying water reuse project credit.
- Clarifies rules regarding depreciation and amortization for qualified property.
- Establishes a process for determining the basis of property transferred to utilities.
Who is affected
- Businesses (industrial, manufacturing, data centers, food processing facilities)
Bill text
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Sponsors
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26 on record
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