Sec. 5. Exclusion from gross income of amounts received as incentives for the purchase of WaterSense products

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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 as an incentive under section 3 of the Water Advanced Technologies for Efficient Resource Use Act of 2020 . No deduction or credit under this subtitle shall be allowed for any expenditure with respect to which any amount excluded under subsection

(a)was provided. The adjusted basis of any property with respect to which an amount excluded under subsection

(a)is provided shall be reduced by the amount so excluded. . 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. 139I. Incentives for the purchase of WaterSense products. . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this section.