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Investment Credit

A type of tax credit that allows taxpayers to subtract a percentage of their investment in certain properties or projects directly from the taxes they owe.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which the IRS enforces. This bill would add a new section to it.

Taxable year

The annual accounting period for which a person or company files an income tax return, typically a calendar year or a fiscal year.

Qualified Investment

The specific amount of money spent on eligible property or projects that can be used to calculate a tax credit.

Basis

For tax purposes, the original cost of property, adjusted for improvements or depreciation, used to determine gain or loss when the property is sold or to calculate depreciation.

Depreciation

An income tax deduction that allows a taxpayer to recover the cost or other basis of certain property over the time they use it. It represents the wearing out, consumption, or obsolescence of the property.

Municipal Water Provider

A public or government-owned entity that supplies water to a city, town, or local community.