Tax Credit for Wildfire Home Protection Measures
This new law introduces a refundable tax credit for individuals who incur expenses to protect their homes from wildfires, especially in high-risk areas. It aims to help residents cover the costs of improvements that enhance the safety of their properties. This allows citizens to reduce the risk of fire damage and improve their home safety.
Key points
You can receive a tax credit of up to 25% of qualified wildfire mitigation expenditures, with a maximum of $25,000 per year.
Eligible expenses include fire-resistant roofs, walls, windows, sprinkler systems, and removal of flammable vegetation around the home.
The credit applies to homes located in areas that have experienced wildfires in the last 10 years, received FEMA assistance for wildfires, or are designated as community disaster resilience zones.
The credit is available for expenditures made until the end of 2032 and may be reduced if your adjusted gross income exceeds $200,000 annually.
Expired
Additional Information
Print number: 118_HR_6861
Sponsor: Rep. Kiley, Kevin [R-CA-3]
Process start date: 2023-12-19