This bill creates a new federal tax credit to help businesses reduce flood and storm damage at working waterfront properties. Eligible businesses can claim a credit equal to 30 percent of their investment in disaster mitigation projects, such as elevating structures, improving stormwater management, stabilizing shorelines, or installing warning systems. The credit is capped at $300,000 per taxpayer (adjusted annually for inflation after 2026) and applies only to businesses with average annual gross receipts under $47 million that operate water-dependent activities like commercial fishing, boatbuilding, or aquaculture. Projects must comply with current International Building Code standards, and a business can only claim the credit once every ten years. The credit becomes available for projects placed in service after December 31, 2025, and U.S. territories with tax systems that mirror federal law will receive compensation for any revenue loss.
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