Tax Exemption for Water Conservation and Stormwater Management Rebates
This new law ensures that money received from water providers, stormwater management companies, or local governments for water conservation, stormwater, or wastewater management measures will not be counted as taxable income. This means citizens investing in such home improvements can receive greater financial benefits from these rebates.
Key points
Rebates for water conservation measures, like installing water-efficient appliances, will be tax-exempt.
Funds received for stormwater management systems (e.g., flood prevention) will also be excluded from taxable income.
Tax benefits extend to rebates for wastewater management systems, including septic tanks, for a taxpayer's principal residence.
These changes apply to amounts received on or after January 1, 2022.
Status:
Introduced
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