S 1958
Shelter act
Shelter Act
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- Passed House
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- Became Law
Bill overview
The Shelter Act introduces a tax credit for individuals and businesses to help cover the costs of disaster mitigation efforts. This credit allows taxpayers to deduct 25% of qualified disaster mitigation expenditures, up to a maximum of $5,000 per year. The credit is subject to an income phaseout, meaning the amount available decreases as income increases. The bill also extends a similar credit to businesses, with adjustments based on average gross receipts.
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