Water & wastewater utilities; eligible infrastructure replacement and enhancement.

Added the word 'in' to a reference of a specific code section to ensure the citation is grammatically and legally correct.

Changed the text regarding 'carrying costs' from 'over- or under-recovery' to 'over-recovery or under-recovery' for greater clarity and precision.

Added a new provision stating that if the commission approves new financial calculation methods for this program, those methods cannot be used in any other legal or regulatory proceedings.

Updated the text regarding 'carrying costs' in the requirements section to match the clearer language used in the definitions.

Expanded the definition of eligible water utility projects to include replacement of valves, utility service lines, meter boxes, meters, and hydrants that are connected to a replaced transmission or distribution system main, rather than just the mains themselves.

Changed the definition of operation and maintenance expenses to include costs that the Commission determines are associated with eligible infrastructure, adding discretion to the regulator.

Added a requirement for utilities receiving approval to submit a proposed earnings test by December 1, 2030, which will be reviewed for informational purposes only and will not affect rate adjustments.

Added a mandate for the State Corporation Commission to provide a status report on the implementation of the chapter to legislative and regulatory committee chairs by December 1, 2030.

Established a sunset date of July 1, 2035, for the provisions of the act.

Removed a clause stating that costs recovered under the program are in addition to all other permitted costs and shall not be considered an offset to other approved costs.