Advancing Water Reuse Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 2940 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 2940 To amend the Internal Revenue Code of 1986 to allow an investment credit for certain water reuse projects. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 17, 2025 Mr. LaHood (for himself, Ms. Sanchez, Ms. Tenney, and Mr. Schneider) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to allow an investment credit for certain water reuse projects. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Advancing Water Reuse Act''. SEC. 2. QUALIFYING WATER REUSE PROJECT CREDIT. (a) In General.--Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48E the following new section: ``SEC. 48F. QUALIFYING WATER REUSE PROJECT CREDIT. ``(a) In General.--For purposes of section 46, the qualifying water reuse project credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying water reuse project of the taxpayer. ``(b) Qualified Investment.-- ``(1) In general.--For purposes of subsection (a), the qualified investment with respect to any qualifying water reuse project for any taxable year is the basis of qualified property placed in service by the taxpayer during such taxable year which is part of such qualifying water reuse project. ``(2) Qualified property.--For purposes of this subsection, the term `qualified property' means property-- ``(A) which is tangible property, ``(B) with respect to which depreciation (or amortization in lieu of depreci