Disaster Mitigation Tax Credit Bill
Official: The Facilitating Increased Resilience, Environmental Weatherization And Lowered Liability (FIREWALL) Act
This bill provides a tax credit to help individuals pay for improvements that protect their homes from disasters. It encourages people to invest in safety measures by reducing their tax burden.
1. This bill offers a tax credit for individuals who spend money on disaster prevention improvements. 2. Taxpayers can receive a credit worth 50% of their qualified disaster mitigation expenses. 3. The maximum credit is $25,000, but it can be reduced based on income levels. 4. The bill allows joint occupants of a home to share the credit for their disaster mitigation costs. 5. The credit amounts will increase with inflation starting in 2026.
Homeowners and renters who make disaster mitigation improvements to their residences.