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Tax exclusion for wastewater management subsidies for homeowners.

This bill amends tax laws to exclude subsidies received from state or local governments for the purchase or installation of wastewater management systems (like septic tanks) in a principal residence from taxable income. This means citizens receiving such support will not have to pay taxes on it, potentially reducing the costs associated with property maintenance.
Key points
State or local government subsidies for wastewater systems in a principal residence are tax-exempt.
The exclusion covers installation or modification of systems like septic tanks and cesspools.
Changes apply to amounts received after December 31, 2018.
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Additional Information
Print number: 117_S_1239
Sponsor: Sen. Gillibrand, Kirsten E. [D-NY]
Process start date: 2021-04-20