Bill > HR6473

This bill, called the FIREWALL (Facilitating Increased Resilience, Environmental Weatherization And Lowered Liability) Act, introduces a new refundable tax credit for disaster mitigation expenditures. The credit would allow individual taxpayers to claim 50% of qualified disaster mitigation expenses, with a maximum credit of $25,000 per taxable year. The credit applies to homeowners in states or territories that have experienced federal natural disaster declarations, received hazard mitigation assistance, or been designated as community disaster resilience zones. Qualified expenditures include a wide range of home improvements designed to protect against natural hazards such as strengthening roof attachments, installing storm shelters, creating fire-resistant landscaping, improving flood protection, and adding safety systems like smoke detectors and automatic shutoff valves. The credit is subject to a phaseout for higher-income taxpayers (starting at $200,000 adjusted gross income) and includes an inflation adjustment mechanism. Homeowners must provide documentation of their expenses, and the credit cannot be combined with other deductions for the same expenditures. The provisions would take effect for taxable years beginning after December 31, 2024, providing a financial incentive for homeowners to invest in disaster resilience and property protection.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/6473/all-info