This legislation establishes the Water Affordability, Transparency, Equity, and Reliability Trust Fund to provide dedicated funding for water and sewer infrastructure nationwide. The Trust Fund will be financed by an increase in the corporate tax rate from 21 percent to 24.5 percent, effective for taxable years beginning after December 31, 2024. Annual appropriations to the fund are capped at the larger of $35 billion or one-twentieth of the 20-year needs identified by EPA assessments for both clean water and drinking water infrastructure. Funds from the Trust Fund will be allocated across several federal agencies and programs, with significant portions directed to the Environmental Protection Agency for Clean Water State Revolving Fund (CWSRF) and Drinking Water State Revolving Fund (DWSRF) capitalization grants, each receiving 42 percent. Other allocations include grants for technical assistance, water pollution control, household water well systems, colonias, and Indian Health Services. The bill also dedicates 0.5 percent of funds for water operator job training grants through the Department of Labor. The bill mandates that the EPA Administrator conduct a comprehensive study on water and sewer services, focusing on affordability , rate increases, and service disconnections. This study will also examine discriminatory practices by service providers and state program administrators, civil rights violations, and public participation in regionalization efforts. Furthermore, it requires the collection of data on populations without water services, disconnections affecting vulnerable groups, and disparate impacts based on race, gender, or socioeconomic status, with a report and recommendations due to Congress within one year. Key changes are made to the CWSRF, including a prohibition on funding projects that provide substantial direct benefits to new communities, with an exception for advanced decentralized wastewater systems. It also expands eligible uses of CWSRF funds to include purchasing privately owned treatment works from willing or unwilling sellers and covering expenses related to canceling contracts for publicly owned treatment works. States will now be required to use not less than 50 percent of their capitalization grants for additional subsidization. Similarly, the DWSRF is amended to prioritize publicly owned, operated, and managed community water systems, though an exception is made for small systems serving fewer than 10,000 persons. DWSRF funds can now be used for purchasing privately owned community water systems and covering contract cancellation expenses. The bill also increases the minimum amount of loan subsidies to 50 percent of a state's capitalization grant and expands eligible uses to include grants for lead service line replacement, treatment for PFAS contamination, and household well filtration systems for PFAS. The legislation reinforces existing prevailing wage requirements for water infrastructure projects and promotes the use of project labor agreements for construction carried out with CWSRF and DWSRF assistance. It establishes new competitive grants for water operator job training, including pre-apprenticeships and apprenticeships, prioritizing low-income and vulnerable populations, as well as union members. Finally, the bill expands and increases funding for drinking water assistance to colonias, raising the authorized amount to $100,000,000 annually for fiscal years 2025 through 2029.