Bill > S2538

This bill creates a new tax credit called the Working Waterfront Disaster Mitigation Project Credit, which provides businesses a 30% tax credit for investments in hazard mitigation projects for working waterfront properties. The credit is capped at $300,000 per taxpayer and can only be claimed once in a 10-year period. Eligible projects must comply with specific building codes and focus on preventing or mitigating damage from natural hazards through methods like structural elevation, flood risk reduction, shoreline stabilization, floodproofing, retrofitting, and warning systems. To qualify, the property must be located in the United States, used for an active trade or business with average annual gross receipts not exceeding $47 million, and support water-dependent activities such as commercial fishing, boating, or aquaculture. The tax credit will be available for taxable years beginning after December 31, 2025, and the dollar limits will be adjusted annually for inflation. The Secretary of the Treasury, in consultation with the Federal Emergency Management Agency (FEMA), will develop regulations to implement this credit, which aims to help businesses in coastal and waterfront areas better protect their properties from natural disasters.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/2538/all-info