H.R. 3549 — Critical Businesses Preparedness Act

This section establishes a new general business credit under new IRC §45BB equal to 30% of qualified disaster preparedness electric generator expenses (i.e., costs of generators and installation) paid or incurred after enactment by specified taxpayers for property placed in service in high-risk disaster areas. Specified taxpayers are trades or businesses deemed critical in the aftermath of floods or hurricanes (e.g., hospitals, nursing homes, grocery stores, gas stations), as determined by the Secretary of the Treasury (after consulting the FEMA Administrator); high-risk disaster areas are those at high risk of flooding or hurricanes, similarly determined. (Thus, the credit amount reduces the basis of the property and denies any related deduction or other credit.)