“A bill 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 tax credit under new IRC §36C equal to 50% of qualified disaster mitigation expenditures made by an individual taxpayer 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), subject to a lifetime limit for the taxpayer; phases out for taxpayers with adjusted gross income over $200,000 ($100,000 phaseout range, with inflation adjustments after 2025); and, for jointly occupied dwellings, caps total expenditures at $25,000 with pro rata allocation among occupants. Qualified expenditures include costs for specified property improvements and installations to mitigate natural hazards such as hurricanes, floods, wildfires, tornadoes, and lightning (e.g., strengthening roof attachments, elevating structures above base flood elevation, installing storm shelters or safe rooms meeting FEMA or ICC–500 standards, ignition-resistant building components, flood vents, and lightning protection systems).