What is the official ID of this bill?
The official print number for this legislation is S 1805.
Tax Credit for Disaster Preparedness: Home and Business Protection.
This new law introduces a tax credit for individuals and businesses that spend money on protecting their properties from natural disasters. This allows citizens to recover some of the costs associated with improving the safety of their homes and workplaces, encouraging investment in flood, hurricane, and fire protection. The credit aims to reduce the risk of losses and improve building resilience to extreme weather conditions.
Key points
You can get a 25% tax credit for home disaster mitigation expenses, up to a maximum of $5,000 per year.
The credit applies to homes located in areas declared federal disaster zones within the last 10 years or adjacent to such areas.
Eligible expenses include roof strengthening, flood prevention systems, wind and fire protection, and standby generator systems.
Businesses can also claim a similar tax credit for disaster mitigation expenditures at their places of business.
The credit amount may be reduced for higher-income individuals, and these amounts will be adjusted for inflation after 2022.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.