Tax Credit for Disaster Mitigation Projects on Working Waterfront Properties.
This law introduces a new tax credit designed to help small and medium businesses operating on waterfronts, such as fishing ports and boatyards, invest in disaster preparedness. The goal is to encourage these businesses to implement projects that protect their property from natural hazards like floods, erosion, and high winds. This measure strengthens the resilience of local water-dependent economies, ensuring continued access to vital services.
Key points
Businesses can claim a credit equal to 30% of the qualified investment in flood and storm mitigation measures.
The maximum credit amount is $300,000 per taxpayer, available once every 10 years.
The credit applies to properties used for water-dependent activities (e.g., fishing, boatbuilding, aquaculture) if the business's average annual gross receipts do not exceed $47 million.
Eligible projects include structural elevation, shoreline stabilization, floodproofing, and installing warning systems.
Status:
Expired
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