Tax Exemption for Water Conservation and Stormwater Management Rebates
This bill aims to exempt from income tax rebates and subsidies received by citizens for installing water conservation, stormwater, or wastewater management systems in their homes. This means that money received for these purposes will not be treated as taxable income, potentially encouraging investment in eco-friendly solutions and reducing the cost of such projects.
Key points
Subsidies for water, stormwater, and wastewater management installations will be tax-exempt.
This applies to subsidies from public utilities, state, and local governments.
Changes cover systems for reducing water consumption, managing stormwater, and wastewater (e.g., septic tanks).
The provisions apply to amounts received after December 31, 2021.
Status:
Introduced
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.