Tax relief for water companies: supporting agriculture and water conservation.
New rules change how mutual ditch and irrigation companies are taxed. The goal is to make it easier for them to lease or transfer water rights, encouraging water conservation and efficient use. These changes could affect water costs and availability for farmers, as well as how water resources are managed.
Key points
Mutual ditch and irrigation companies will not be taxed on income from selling, leasing, or exchanging water rights, or from selling company stock, provided the income is not from non-members outside their operating area and is not used for purposes other than operations, maintenance, and capital improvements.
The changes aim to promote more efficient water management by facilitating water transfers between users, potentially leading to better use of water resources in agriculture.
New rules for voting in water companies allow for voting proportional to share ownership, which may impact how these organizations are governed.
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