,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dejf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ac1 #bjbf,mr4    
,lujn 7= himself & ,mrs4 ,britt7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to all[ an        
inve/m5t cr$it = c]ta9 wat] reuse       
projects4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,advanc+ ,wat] ,reuse ,act4
  #b4 ,qualify+ wat] reuse project cr$it
  7a7 ,9 g5]al ,subp>t ,e ( "p ,,iv (   
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #dh;,e ! foll[+ new       
section3  #dh;,f4 ,qualify+ wat] reuse  
project cr$it  7a7 ,9 g5]al ,= purposes 
( section #df1 ! qualify+ wat] reuse    
project cr$it = any taxable ye> is an   
am\nt equal to #cj p]c5t ( ! qualifi$   
inve/m5t = su* taxable ye> ) respect to 
any qualify+ wat] reuse project ( !     
taxpay]4  7b7 ,qualifi$ inve/m5t  7#a7  
,9 g5]al ,= purposes ( subsection 7a71 !

 qualifi$ inve/m5t ) respect to any     
qualify+ wat] reuse project = any       
taxable ye> is ! basis ( qualifi$       
prop]ty plac$ 9 s]vice by ! taxpay] dur+
 su* taxable ye> :i* is "p ( su*        
qualify+ wat] reuse project4  7#b7      
,qualifi$ prop]ty ,= purposes ( ?is     
subsection1 ! t]m qualifi$ prop]ty means
 prop]ty-- 7,a7 :i* is tangible prop]ty1
  7,b7 ) respect to :i* depreciation 7or
 amortization 9 lieu ( depreciation7 is 
all[able1 &  7,c7 :i* is-- 7i7          
con/ruct$1 recon/ruct$1 or erect$ by !  
taxpay]1 or  7ii7 acquir$ by ! taxpay]  
if ! orig9al use ( su* prop]ty comm5ces 
) ! taxpay]4  7#c7 ,c]ta9 qualifi$      
progress exp5ditures rules made         
applicable ,rules simil> to ! rules (   
subsections 7c77#d7 & 7d7 ( section #df 
7z 9 effect on ! day be=e ! enactm5t ( !
 ,rev5ue ,reconciliation ,act ( #aiij7  
%all apply = purposes ( ?is section4    
7c7 ,qualify+ wat] reuse project ,=     
purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m qualify+ wat] reuse project means

 a project :i*-- 7,a7 in/alls1 replaces1
 or modifies an onsite wat] recycl+     
sy/em )9 an indu/rial1 manufactur+1 data
 c5t]1 or food process+ facility1  7,b7 
replaces ! use ( fre%wat]1 su* z        
gr\ndwat]1 ) recycl$ wat] f a municipal 
wat] provid] = ! production ( goods or  
provision ( s]vices by ! taxpay]1 or    
7,c7 builds or exp&s a municipal wat]   
recycl+ sy/em = ! purpose ( secur+      
recycl$ wat] = ! production ( goods or  
provision ( s]vices4  7#b7 ,wat] recycl+
 sy/em ,! t]m wat] recycl+ sy/em means  
infra/ructure ne$$ = ! production1      
/orage1 conveyance1 & use ( recycl$     
wat]4  7#c7 ,recycl$ wat] ,! t]m recycl$
 wat] means =m] wa/ewat]1 includ+ bo?   
indu/rial & municipal wa/ewat]1 t has   
be5 treat$ & clean$ = a specific        
b5eficial use4  7d7 ,special rule =     
c]ta9 prop]ty transf]r$ to utilities    
7#a7 ,9 g5]al ,9 ! case ( any qualifi$  
transf] prop]ty transf]r$ f a p]son to a
 utility-- 7,a7 su* prop]ty %all be     
treat$ z qualifi$ prop]ty ) respect to  

su* p]son1  7,b7 su* p]son %all be      
treat$ z hav+ plac$ su* prop]ty 9 s]vice
 at ! "t ( su* transf]1  7,c7 ! basis ( 
su* p]son 9 su* prop]ty :i* is tak5 into
 acc\nt "u subsection 7b77#a7 %all be ! 
basis ( su* p]son 9 su* prop]ty at ! "t 
( su* transf]1 &  7,d7 su* prop]ty %all 
n be tak5 into acc\nt = purposes (      
det]m9+ any cr$it all[$ "u ?is section  
to su* utility4  7#b7 ,qualifi$ transf] 
prop]ty ,= purposes ( ?is subsection1 ! 
t]m qualifi$ transf] prop]ty means      
prop]ty transf]r$ f a p]son to a utility
 if-- 7,a7 su* prop]ty is qualifi$      
prop]ty ) respect to su* utility1 &     
7,b7 su* p]son & su* utility ent] into a
 b9d+ writt5 agreem5t "u :i* su* p]son  
is treat$ z eligible = ! cr$it all[$ "u 
?is section ) respect to su* prop]ty 9  
lieu ( su* utility4  7e7 ,t]m9ation ,?is
 section %all n apply to any qualifi$   
inve/m5t ) respect to any qualify+ wat] 
reuse project unless su* project is     
plac$ 9 s]vice n lat] ?an ! date :i* is 
#aj ye>s aft] ! date ( ! enactm5t ( ?is 

section4  4  7b7 ,"p ( inve/m5t cr$it   
,section #df ( su* ,code is am5d$ by    
/rik+ & at ! end ( p>agraph 7#f71 by    
/rik+ ! p]iod at ! end ( p>agraph 7#g7 &
 ins]t+ 1 &1 & by add+ at ! end ! foll[+
 new p>agraph3  7#h7 ! qualify+ wat]    
reuse project cr$it4  4  7c7 ,cl]ical   
am5dm5t ,! table ( sections = subp>t ,d 
( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su*
 ,code is am5d$ by ins]t+ aft] ! item   
relat+ to section #dh;,e ! foll[+ new   
item3  ,sec4 #dh;,f4 ,qualify+ wat]     
reuse project cr$it4  4  7d7 ,effective 
date ,! am5dm5ts made by ?is section    
%all apply to qualify+ wat] reuse       
projects 7z def9$ 9 section #dh;,f ( !  
,int]nal ,rev5ue ,code ( #aihf1 z add$  
by ?is section7 ! con/ruction ( :i*     
beg9s aft] ! date ( ! enactm5t ( ?is    
,act4