Bill > S1323

This bill establishes a new refundable tax credit to help homeowners make disaster mitigation improvements to their primary residences. The credit covers 50% of qualified expenditures, with a maximum credit of $25,000 per dwelling unit, which can be used for a wide range of disaster preparedness and resilience upgrades. These improvements include strengthening roof attachments, protecting against wind and water damage, installing flood prevention systems, creating fire-resistant features, and implementing other protective measures like storm shelters, lightning protection, and vegetation management to reduce risks from wildfires, hurricanes, floods, and other natural hazards. The credit is available to homeowners in states that have experienced federal natural disaster declarations or designated disaster resilience zones within the past 10 years. The credit phases out for taxpayers with adjusted gross incomes above $200,000 and includes provisions for inflation adjustments. Homeowners must provide documentation of their expenditures, and the credit cannot be claimed for improvements already funded by government entities. The bill is set to take effect for tax years beginning after December 31, 2024, providing a financial incentive for homeowners to proactively protect their properties against potential natural disasters.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1323/all-info