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Tax Credit for Waterfront Disaster Mitigation Projects

This act introduces a new tax credit for owners of working waterfront properties who invest in projects designed to protect against natural disasters like floods and erosion. The aim is to help secure economically vital areas such as fishing ports and marinas, reducing potential losses and supporting local businesses.
Key points
Owners of working waterfront properties used for water-dependent businesses (e.g., fishing, boatbuilding) may qualify for a tax credit.
The credit is 30% of qualified investment, up to a maximum of $300,000, with inflation adjustments.
Projects must comply with building codes and include measures like structural elevation, flood risk reduction, shoreline stabilization, or warning systems.
The credit applies to expenditures incurred after December 31, 2025.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_2538
Sponsor: Sen. King, Angus S., Jr. [I-ME]
Process start date: 2025-07-30
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Summarized by: gemini-2.5-flash-preview-05-20
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 119_S_2538.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-07-30.

What are the main provisions?

Key points include:

  • Owners of working waterfront properties used for water-dependent businesses (e.g., fishing, boatbuilding) may qualify for a tax credit.
  • The credit is 30% of qualified investment, up to a maximum of $300,000, with inflation adjustments.
  • Projects must comply with building codes and include measures like structural elevation, flood risk reduction, shoreline stabilization, or warning systems.
  • The credit applies to expenditures incurred after December 31, 2025.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Taxes Environment Real Estate