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.
Affects: Homeowners making disaster safety upgrades to their properties.
What changes is this bill making?
1. This bill allows individuals to receive a tax credit for spending on disaster safety improvements. 2. Taxpayers can get 25% back on qualified expenses up to $3,750 for individuals or $7,500 for couples. 3. The credit applies to specific home improvements that make properties safer from disasters. 4. There is an income limit that reduces the credit for those earning over $100,000. 5. The bill also adjusts credit limits for inflation in future years.
Who is affected?
Homeowners making disaster safety upgrades to their properties.