S. 1239

A bill to amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for certain waste water management subsidies.

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II

117th CONGRESS

1st Session

S. 1239

IN THE SENATE OF THE UNITED STATES

April 20, 2021

Mrs. Gillibrand introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for certain waste water management subsidies.

1.

Modifications to income exclusion for certain waste water management subsidies

(a)

In general

Section 136(a) 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 State or local government to a resident of such State or locality for the purchase or installation of any wastewater management measure, but only if such measure is with respect to the taxpayer’s principal residence.

.

(b)

Definition of waste water management measure

Section 136(c) of such Code is amended—

(1)

by striking Energy conservation measure in the heading thereof and inserting Definitions,

(2)

by striking In general in the heading of paragraph (1) and inserting Energy conservation measure, and

(3)

by redesignating paragraph (2) as paragraph (3) and by inserting after paragraph (1) the following:

(2)

Wastewater management measure

For purposes of this section, the term wastewater management measure means any installation or modification of property primarily designed to manage wastewater (including septic tanks and cesspools) with respect to one or more dwelling units.

.

(c)

Clerical amendments

(1)

The heading for section 136 of such Code is amended—

(A)

by inserting and waste water after energy, and

(B)

by striking provided by public utilities.

(2)

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—

(A)

by inserting and waste water after energy, and

(B)

by striking provided by public utilities.

(d)

Effective date

The amendments made by this section shall apply to amounts received after December 31, 2018.