Sec. 7. Subject to section 6(f) of this chapter, in the case of a water utility that is a public utility, upon the commission's approval of the water utility's plan under section 6 of this chapter, the water utility may include the actual costs incurred by the water utility in connection with completing customer lead service line improvements that:
(1) have been placed in service; and
(2) have not been included in the water utility's rate base in the water utility's most recent general rate case;
as eligible infrastructure improvements for purposes of IC 8-1-31. For purposes of the revenue limitation calculation under IC 8-1-31-13, infrastructure improvement costs associated with customer lead service line improvements shall not be counted as adjustment revenues in determining whether the water utility's total adjustment revenues exceed ten percent (10%) of the water utility's base revenue level approved in the water utility's most recent general rate case.