No Taxes on PFAS Cleanup Payments
Official: No Taxation on PFAS Remediation Act
The No Taxation on PFAS Remediation Act allows people to receive reimbursements for cleaning up PFAS contamination without having to pay taxes on that money. This helps individuals financially when dealing with environmental cleanup costs.
1. This bill excludes certain cleanup reimbursements from taxable income. 2. It specifically targets payments for cleaning up harmful PFAS substances. 3. Individuals receiving these reimbursements will not have to pay taxes on them. 4. The changes apply to reimbursements received after December 31, 2020. 5. It allows for refunds or credits for taxes paid on these reimbursements within a year.
Individuals who receive reimbursements for cleaning up PFAS contamination.