Bill Would Create Tax Credit for Disaster Mitigation
A bipartisan bill to create a disaster mitigation tax credit for families and business owners in areas prone to natural disasters was introduced in the U.S. Senate and House of Representatives.
The Shelter Act, introduced by Sens. Michael Bennet (D-CO) and Bill Cassidy (R-LA); and Reps. Gus Bilirakis (R-FL) and Charlie Crist (D-FL) would allow the writing off of 25 percent of qualifying mitigation expenses, from strengthening the durability of a roof to elevating a housing unit to reduce potential flood damage, according to a summary of the legislation. The tax credit has an annual limit of $5,000 per taxpayer. Eligible properties include homes or businesses in or adjacent to an area that the federal government has declared a disaster within the past ten years. “I commend both chambers for introducing this Act,” said Frank Nutter, president of the Reinsurance Association of America (RAA), in a statement.