The "Advancing Water Reuse Act" introduces a new 30 percent investment tax credit for qualifying water reuse projects under the Internal Revenue Code. This credit applies to the qualified investment in tangible, depreciable property that is part of such projects. The primary goal is to encourage the development and implementation of infrastructure that supports water recycling and reuse, with the credit applying to projects where construction begins after the bill's enactment. A project qualifies if it involves installing, replacing, or modifying an onsite water recycling system in industrial, manufacturing, data center, or food processing facilities. It also covers projects that replace freshwater use with recycled water from a municipal provider, or those that build or expand municipal water recycling systems to secure recycled water for commercial purposes. Recycled water is defined as treated former wastewater, and the credit is available for projects placed in service within 10 years of the bill's enactment.