The main purpose of this legislation is to modify the Water Infrastructure Finance and Innovation Act of 2014. It aims to change how certain financial assistance is treated in federal budgeting, specifically to make it easier for eligible entities to access funding for water infrastructure projects. The key provision of the legislation states that if a recipient of financial assistance is a non-federal entity and the repayment sources for that assistance come from non-federal revenues, then this assistance will be classified as non-federal for budgetary purposes.