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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.
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Additional Information
Print number: 118_HR_4305
Sponsor: Rep. Salazar, Maria Elvira [R-FL-27]
Process start date: 2023-06-22
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Shelter Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4305.

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 2023-06-22.

What are the main provisions?

Key points include:

  • 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.
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. Salazar, Maria Elvira [R-FL-27].

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 2025-12-30.

CATEGORIES

Taxes Real Estate Security