Referred to the House Committee on Ways and Means.
Taxation
Why This Matters
The Shelter Act provides a tax credit to help people pay for improvements that make their homes safer from disasters. This encourages homeowners to invest in disaster preparedness.
If you improve your home to withstand disasters, you could save up to $3,750 on your taxes.
Who this affects
Homeowners
What changes is this bill making?
1This bill allows individuals to receive a tax credit for spending on disaster safety improvements.
2Taxpayers can get 25% back on qualified expenses up to $3,750 for individuals or $7,500 for couples.
3The credit applies to specific home improvements that make properties safer from disasters.
4There is an income limit that reduces the credit for those earning over $100,000.
5The bill also adjusts credit limits for inflation in future years.
