The bill proposes a Qualifying Water Reuse Project Credit, allowing a 30% credit for qualified investments in projects like onsite water recycling systems, replacing freshwater use with recycled water, or expanding municipal water recycling systems. The bill outlines rules for qualified investments, including the types of property eligible for the credit, and extends this credit to certain property transfers to utilities. It also specifies that this credit applies to projects completed within 10 years of the bill's enactment. The bill would amend the Internal Revenue Code to include this credit and would become effective for projects starting after the bill's enactment.