HR 9909
Working Waterfront Disaster Mitigation Tax Credit Act
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Bill overview
This bill creates a tax credit to help businesses and property owners in coastal communities mitigate damage from disasters like hurricanes and floods. It provides a 30% tax credit for qualified investments made in working waterfront properties designed to prevent or reduce damage from natural hazards. The credit is capped at $300,000 per taxpayer, with adjustments for inflation, and has limitations on how often it can be claimed and the types of projects eligible. The bill also establishes a definition of ‘working waterfront property’ and outlines specific measures that qualify for the credit, such as elevation, flood risk reduction, and shoreline stabilization.
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