Bill > HR4861

This bill introduces a new tax credit for working waterfront disaster mitigation projects, designed to help businesses protect coastal and waterfront properties from natural hazards. The credit allows taxpayers to claim 30% of their qualified investment in disaster mitigation efforts, with a maximum credit of $300,000 per taxpayer. Qualifying projects must be located in the United States and involve businesses with annual gross receipts under $47 million, and must focus on preventing or mitigating damage from natural hazards through methods such as structural elevation, flood risk reduction, shoreline stabilization, floodproofing, retrofitting, and installing warning systems. Eligible properties include tangible assets used in active trade or business that provide access to navigable waters for activities like commercial fishing, boating, and aquaculture. The tax credit will be available for projects placed in service after December 31, 2025, and aligns with specific building codes from the International Code Council. The bill includes provisions for periodic inflation adjustments to the dollar amounts and requires the Secretary of the Treasury, in consultation with the Federal Emergency Management Agency, to develop detailed regulations for implementing the credit.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4861/all-info