The Working Waterfront Disaster Mitigation Tax Credit Act creates a new 30 percent federal tax credit for businesses that own waterfront property and invest in projects designed to protect that property from natural disasters such as flooding, erosion, and extreme weather. The credit applies to working waterfront businesses that earn less than $47 million annually and includes investments in structural elevation, flood management systems, shoreline stabilization, floodproofing, retrofitting, and early warning systems. Individual taxpayers can claim up to $300,000 per year in credits, with the limit adjusted annually for inflation starting in 2026, and businesses can claim the credit once every ten years. The legislation applies to projects completed after December 31, 2024, and requires that improvements comply with current International Building Code standards. The Treasury Department, working with the Federal Emergency Management Agency, will develop rules to administer the program.
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