Tax Credit for Home and Business Disaster Mitigation Expenditures.
This bill introduces a new tax credit covering 25% of costs spent by individuals and businesses to protect their properties against natural disasters like floods, hurricanes, and fires. The goal is to encourage residents in high-risk areas to invest in property safety, potentially reducing future damages and insurance costs. The credit applies only to properties located in areas recently affected by a federal disaster declaration or designated resilience zones.
Key points
Individuals can claim a tax credit of 25% (up to $2,500 annually) for expenses related to strengthening homes against natural hazards (e.g., roof reinforcement, storm shelters, fire buffers).
The credit amount is reduced or phased out entirely for higher-income taxpayers (Adjusted Gross Income over $100,000, or $200,000 for joint filers).
Eligible expenses include labor and inspection costs for improvements like elevating the dwelling unit above flood level or installing ignition-resistant components.
Status:
Expired
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