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Tax Credit for Disaster-Resilient Property Construction

This act introduces a new tax credit for owners of residential and commercial buildings constructed or substantially renovated to be resilient against natural disasters. The aim is to encourage safer construction practices in disaster-prone areas, potentially reducing future damages and repair costs.
Key points
You may receive a tax credit if you build or substantially renovate a home or commercial building to be resilient against natural disasters like hurricanes or earthquakes.
The credit applies to properties located in areas officially declared as major disaster areas by the U.S. President.
The maximum credit is $3,000 for residential properties and $25,000 for commercial properties, or 1% of the building cost, whichever is less.
To qualify, the building must meet specific construction standards that enhance its resistance to natural hazards, such as FORTIFIED standards.
These provisions apply to properties for which a certificate of occupancy is issued after the act's enactment, but no later than the end of 2023.
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Additional Information
Print number: 117_HR_1984
Sponsor: Rep. Pascrell, Bill, Jr. [D-NJ-9]
Process start date: 2021-03-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Disaster Savings and Resilient Construction Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1984.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-17.

What are the main provisions?

Key points include:

  • You may receive a tax credit if you build or substantially renovate a home or commercial building to be resilient against natural disasters like hurricanes or earthquakes.
  • The credit applies to properties located in areas officially declared as major disaster areas by the U.S. President.
  • The maximum credit is $3,000 for residential properties and $25,000 for commercial properties, or 1% of the building cost, whichever is less.
  • To qualify, the building must meet specific construction standards that enhance its resistance to natural hazards, such as FORTIFIED standards.
  • These provisions apply to properties for which a certificate of occupancy is issued after the act's enactment, but no later than the end of 2023.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Pascrell, Bill, Jr. [D-NJ-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

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