“To amend the Internal Revenue Code of 1986 to provide a refundable credit against tax for disaster mitigation expenditures.”
No CRS summary available for this bill.
This section establishes a new refundable personal tax credit under the Internal Revenue Code for individuals equal to 50% of qualified disaster mitigation expenditures made with respect to a qualified dwelling unit during the taxable year. The maximum annual credit is $25,000 ($12,500 for married individuals filing separately), reduced (1) by the amount of prior credits allowed under this section, (2) for adjusted gross income over $200,000 (phased out completely at $300,000), and (3) to $25,000 total for jointly occupied dwelling units (allocated pro rata among occupants); amounts are adjusted for inflation after 2025. Qualified disaster mitigation expenditures include costs for specified structural improvements to roofs, walls, doors, foundations, flood barriers, ignition-resistant features, storm shelters, safe rooms, generators, and related items to protect against wind, flood, fire, and other natural hazards.