Bill > HR3549

This bill creates a new tax credit to help critical businesses prepare for potential flood or hurricane disasters by providing a 30% tax credit for purchasing and installing electric generators in high-risk disaster areas. The bill defines "critical businesses" as including hospitals, nursing homes, grocery stores, and gas stations, and requires the Secretary of the Treasury (in consultation with FEMA - the Federal Emergency Management Agency) to determine which specific areas qualify as high-risk disaster zones. The tax credit covers the full cost of the electric generator, including its installation, and applies to businesses using these generators in their trade or business. To prevent "double-dipping," the bill stipulates that businesses cannot also claim a separate deduction for the same generator expenses, and the property's tax basis must be reduced by the amount of the credit. The tax credit would be part of the general business credit and would apply to generator expenses paid after the bill's enactment date. The overall goal is to help essential businesses maintain operations and provide critical services during and immediately after potential natural disasters by incentivizing emergency power preparedness.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/3549/all-info