S.Amdt. 3254

SA 3254. Mrs. FEINSTEIN submitted an amendment intended to be
proposed to amendment SA 2953 proposed by Ms. Murkowski to the bill S.
2012, to provide for the modernization of the energy policy of the
United States, and for other purposes; which was ordered to lie on the
table; as follows:

At the appropriate place, insert the following:

SEC. ____. MODIFICATIONS TO INCOME EXCLUSION FOR CONSERVATION
SUBSIDIES.

(a) In General.--Subsection (a) of section 136 of the
Internal Revenue Code of 1986 is amended--
(1) by striking ``any subsidy provided'' and inserting
``any subsidy--
``(1) provided'',
(2) by striking the period at the end and inserting ``,
or'', and
(3) by adding at the end the following new paragraph:
``(2) provided (directly or indirectly) by a public utility
to a customer, or by a State or local government to a
resident of such State or locality, for the purchase or
installation of any water conservation measure or storm water
management measure.''.
(b) Conforming Amendments.--
(1) Definition of water conservation measure and storm
water management measure.--Section 136(c) of the Internal
Revenue Code of 1986 is amended--
(A) by striking ``Energy Conservation Measure'' in the
heading thereof and inserting ``Definitions'',
(B) by striking ``In general'' in the heading of paragraph
(1) and inserting ``Energy conservation measure'', and
(C) by redesignating paragraph (2) as paragraph (4) and by
inserting after paragraph (1) the following:
``(2) Water conservation measure.--For purposes of this
section, the term `water conservation measure' means any
installation or modification primarily designed to reduce
consumption of water or to improve the management of water
demand with respect to a dwelling unit.
``(3) Storm water management measure.--For purposes of this
section, the term `storm water management measure' means any
installation or modification of property primarily designed
to manage amounts of storm water with respect to a dwelling
unit.''.
(2) Definition of public utility.--Subparagraph (B) of
section 136(c)(4) of such Code (as redesignated by paragraph
(1)(C)) is amended by striking ``or natural gas'' and
inserting ``, natural gas, or water or the provision of storm
water management''.
(3) Clerical amendments.--
(A) The heading of section 136 of such Code is amended--
(i) by inserting ``and water'' after ``energy'', and
(ii) by striking ``provided by public utilities''.
(B) The item relating to section 136 in the table of
sections of part III of subchapter B of chapter 1 of such
Code is amended--
(i) by inserting ``and water'' after ``energy'', and
(ii) by striking ``provided by public utilities''.
(c) Effective Date.--The amendments made by this section
shall apply to amounts received after January 1, 2015.
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