S 2106
Shelter Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Shelter Act introduces a new tax credit for both individuals and businesses to help cover the costs of disaster mitigation expenditures. Individuals can claim up to $2,500, while businesses can claim up to $5,000, both subject to a 25% deduction. These expenditures must be related to improvements made in an area affected by a recent federal disaster declaration, and the credit is phased out based on income for individuals and business revenue for businesses. The bill also creates a similar credit for businesses, subject to a phaseout based on average gross receipts.
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