No Taxation on PFAS Remediation Act

This bill excludes reimbursements received by individuals for cleaning up PFAS contamination from their taxable income under the federal tax code. It directly affects people who were paid back for remediation costs related to "forever chemicals" (PFAS) in their property. The key provision adds a new tax code section (139M) to ensure these specific reimbursements are not counted as income, reducing tax liability for affected individuals. The rule applies to reimbursements received in tax years starting after December 31, 2020.