RELATING TO WATER CONSERVATION.
What changed between versions
Added a new rebate program administered by the Department of Business, Economic Development, and Tourism to complement the existing income tax credit.
Adjusted rebate amounts and percentages: residential rebates are now 30% or $7,500 (was 25% or $10,000), commercial rebates are 25% or $35,000 (was 20% or $50,000), and low-income homeowner rebates are 40% or $10,000.
Refined the definition of low-income homeowner to require both residency at the property as principal residence and adjusted gross income at or below 80% of area median income.
Added a five-year limit on carrying forward unused tax credits beyond the initial year of claim.
Added new definitions for 'Area median income', 'NSF/ANSI 350-certified gray water recycling system effluent', and 'Water conservation system'.
Clarified that the tax credit applies to taxable years beginning after December 31, 2025, while the rebate program and building code standards take effect on July 1, 2050.