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Tax Credit for Disaster Mitigation Projects on Working Waterfront Properties.

This bill introduces a new tax credit for owners of working waterfront properties who invest in projects designed to mitigate damage from natural hazards like floods and erosion. Businesses involved in commercial fishing, boating, or aquaculture can claim a credit equal to 30% of their qualified investment costs. This measure aims to help these essential coastal businesses secure their assets and ensure operational continuity against natural disasters, with a maximum credit limit of $300,000 per taxpayer.
Key points
New Tax Credit: Allows a 30% credit for investments in projects that protect working waterfront properties from natural hazards (e.g., structural elevation, floodproofing, shoreline stabilization, warning systems).
Financial Limit: The maximum credit allowed per taxpayer is $300,000, subject to inflation adjustments, and the credit can only be claimed once within a 10-year period.
Eligible Businesses: The credit applies to water-dependent businesses (fishing, boatbuilding, aquaculture) whose average annual gross receipts do not exceed $47 million (subject to inflation adjustment).
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Additional Information
Print number: 118_S_4871
Sponsor: Sen. King, Angus S., Jr. [I-ME]
Process start date: 2024-07-31
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Working Waterfront Disaster Mitigation Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4871.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-31.

What are the main provisions?

Key points include:

  • New Tax Credit: Allows a 30% credit for investments in projects that protect working waterfront properties from natural hazards (e.g., structural elevation, floodproofing, shoreline stabilization, warning systems).
  • Financial Limit: The maximum credit allowed per taxpayer is $300,000, subject to inflation adjustments, and the credit can only be claimed once within a 10-year period.
  • Eligible Businesses: The credit applies to water-dependent businesses (fishing, boatbuilding, aquaculture) whose average annual gross receipts do not exceed $47 million (subject to inflation adjustment).
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 Sen. King, Angus S., Jr. [I-ME].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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Taxes Environment Economy