What is the official ID of this bill?
The official print number for this legislation is HR 3925.
Tax Credit for Disaster Mitigation: Protecting Homes and Businesses.
This act introduces a new tax credit for individuals and businesses that incur expenses to protect their properties from natural disasters like floods, hurricanes, and fires. This allows citizens to recover a portion of the costs spent on strengthening their homes and businesses, encouraging increased safety and resilience against natural catastrophes. These changes can reduce the financial burden associated with property protection.
Key points
Ability to deduct 25% of costs incurred for flood, wind, and fire mitigation, up to a maximum of $5,000 annually.
Credit available for homeowners in areas affected by federal disaster declarations within the last 10 years or adjacent areas.
Businesses can also benefit from a similar credit for securing their places of operation.
Eligible expenditures include roof strengthening, installation of flood prevention systems, protection against wind-borne debris, and fire mitigation systems.
The credit amount may be reduced for higher-income individuals, and these amounts will be adjusted annually for inflation.
Status:
Expired
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