Tax Credit for Home and Business Disaster Mitigation Expenditures.
This law introduces a new tax credit for individuals and businesses investing in measures to protect their properties against natural disasters like floods, hurricanes, and fires. Citizens can claim 25% of qualified mitigation expenses, encouraging greater resilience in high-risk areas. The maximum credit for individuals is $2,500 annually ($5,000 for joint filers).
Key points
You can claim 25% of costs spent on making your home safer from natural hazards (e.g., roof reinforcement, installing storm shelters, fire mitigation systems) as a tax credit.
The maximum annual credit for individuals is $2,500, but it phases out for taxpayers earning over $100,000 Adjusted Gross Income ($200,000 for joint filers).
The credit applies only to properties located in areas that have experienced a federal natural disaster declaration within the last 5 years or adjacent zones.
Businesses can also claim a similar credit, up to $5,000 annually, for securing their places of operation.
Status:
Expired
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