Sec. 5. Early adopter water efficient products incentive programs

188 words·~1 min read·/bill/114/hr/3720/ih/section-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section: In the case of an individual, gross income does not include any amount received under an incentive program under section 4 of the Water Advanced Technologies for Efficient Resource Use Act of 2015. Notwithstanding any other provision of this subtitle, no deduction or credit shall be allowed for, or by reason of, any expenditure to the extent of the amount excluded under subsection

(a)for any amount which was provided with respect to such expenditure. The adjusted basis of any property shall be reduced by the amount excluded under subsection

(a)which was provided with respect to such property. . The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting before the item relating to section 140 the following new item: Sec. 139F. Early adopter water efficient products incentive programs. . The amendments made by this Act shall apply to taxable years beginning after the date of the enactment of this Act.