S.Amdt. 3552

SA 3552. Mrs. FEINSTEIN (for herself, Mr. Bennet, and Mrs. Boxer)
submitted an amendment intended to be proposed to amendment SA 3464
submitted by Mr. Thune (for himself and

[[Page S1831]]

Mr. Nelson) to the bill H.R. 636, to amend the Internal Revenue Code of
1986 to permanently extend increased expensing limitations, 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 a
comma, and
(3) by adding at the end the following new paragraphs:
``(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
``(3) provided (directly or indirectly) by a storm water
management provider 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 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 reduce or manage amounts of storm water with respect to a
dwelling unit.''.
(2) Definition of public utility.--Section 136(c)(4) of
such Code (as redesignated by paragraph (1)(C)) is amended by
striking subparagraph (B) and inserting the following:
``(B) Public utility.--The term `public utility' means a
person engaged in the sale of electricity, natural gas, or
water to residential, commercial, or industrial customers for
use by such customers.
``(C) Storm water management provider.--The term `storm
water management provider' means a person engaged in the
provision of storm water management measures to the public.
``(D) Person.--For purposes of subparagraphs (B) and (C),
the term `person' includes the Federal Government, a State or
local government or any political subdivision thereof, or any
instrumentality of any of the foregoing.''.
(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.
(d) No Inference.--Nothing in this Act or the amendments
made by this Act shall be construed to create any inference
with respect to the proper tax treatment of any subsidy
received directly or indirectly from a public utility, a
storm water management provider, or a State or local
government for any water conservation measure or storm water
management measure before January 1, 2015.
______