WASHINGTON – U.S. Senators Jim Risch and Mike Crapo (R-Idaho) and Michael Bennet (D-Colo.) introduced the Water and Agriculture Tax Reform (WATER) Act, which would reform outdated tax provisions hindering investment in important infrastructure advances. This legislation would allow mutual water storage and delivery companies to maintain their tax-exempt status, even if they receive more than 15 percent of their revenue from non-member sources, as long as the monies are reinvested into maintenance, operations and infrastructure improvements.
“Water is the lifeblood of everything we do in Idaho, but too often, red tape stands in the way of pivotal water infrastructure construction and maintenance,” said Risch. “With the Water and Agriculture Tax Reform Act, we can cut down on federal bureaucracy and make it easier to invest in our infrastructure.”
“Thanks to skyrocketing costs, Idaho’s farmers and ranchers are being asked to pay more for everything—including maintaining and operating an aging water infrastructure system,” said Crapo. “This bill provides the necessary updates to tax code to meet water use needs in the West.”
The bill is supported by Idaho Water Users Association and the American Farm Bureau Federation.
Co-sponsors of the WATER Act include U.S. Senators Steve Daines (R-Mon.), Cynthia Lummis (R-Wyo.) and John Barrasso (R-Wyo.).
Original source can be found here.
