Water and Agriculture Tax Reform Act of 2023

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 1874 Introduced in Senate (IS)] <DOC> 118th CONGRESS 1st Session S. 1874 To amend the Internal Revenue Code of 1986 to facilitate water leasing and water transfers to promote conservation and efficiency. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES June 8, 2023 Mr. Crapo (for himself, Mr. Bennet, Mr. Risch, Ms. Lummis, Mr. Daines, and Mr. Barrasso) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to facilitate water leasing and water transfers to promote conservation and efficiency. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Water and Agriculture Tax Reform Act of 2023''. SEC. 2. FACILITATE WATER LEASING AND WATER TRANSFERS TO PROMOTE CONSERVATION AND EFFICIENCY. (a) In General.--Paragraph (12) of section 501(c) of the Internal Revenue Code of 19…