A bill to amend the Internal Revenue Code of 1986 to provide a credit against tax for disaster mitigation expenditures.
Shelter Act
This bill allows individual and business taxpayers a new tax credit for 25% of qualified disaster mitigation expenditures. The credit is limited to $2,500 and $5,000 for individual taxpayers and business taxpayers respectively.
The bill defines qualified disaster mitigation expenditures to include expenditures to modify or improve a dwelling unit located in an area in which a federal natural disaster declaration has been made within the preceding five-year period.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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