Political Quotes

“Mr. President, I rise to speak in support of the ``Water Conservation Rebate Tax Parity Act,'' which I introduced today. Representative Jared Huffman (D-CA) has introduced companion legislation in the House of Representatives. Access to water has always been a major issue in California and throughout the Western United States. That issue has only become more pressing as climate change increases the risk of drought in the West. Right now, 87 percent of California is facing ``Extreme Drought'' conditions and 33 percent of the state is experiencing ``Exceptional Drought'' conditions, the most severe category. A growing number of States, including California, have begun offering rebates to homeowners to improve the water efficiency of their homes. Unfortunately, many homeowners are unaware that they are required to pay federal income taxes on these rebates and are surprised to be stuck with that bill. Still other homeowners aware of the tax implications are disincentivized from making these efficiencies to their homes. The ``Water Conservation Rebate Tax Parity Act'' would exempt such State and local rebates for water conservation improvements, as well as improvements to better handle storm water runoff, from taxable income. This would eliminate the unexpected bill homeowners face, increasing the incentive to make these improvements, which benefit all of us. I note that such State rebates for energy conservation improvements are already excluded from taxable income.…”