This week. U.S. Rep. Maria Elvira Salazar, R-Fla., showcased her proposal to “provide a tax credit to working families and small businesses to invest in disaster mitigation improvements to protect their homes and property ahead of time.”
Salazar brought back the “Shelter Act” with the support of U.S. Reps. Carlos Giménez R-Fla., Scott Peters, D-Calif., Brittany Pettersen, D-Col., and Greg Steube, R-Fla., as co-sponsors.
“Despite hundreds of billions of taxpayer dollars spent on disaster recovery each year, there are currently no federal tax incentives to encourage families and businesses to plan ahead for disaster resilience and mitigation. The Shelter Act allows Americans to write off 25 percent of qualifying mitigation expenses up to $2,500 per taxpayer, from strengthening the durability of a roof to elevating a housing unit to reduce potential flood damage,” Salazar’s office noted.
“Hurricane season is here,” said Salazar. “While disaster relief is critical after storms, we must be proactive in mitigating damage in advance. The Shelter Act will provide the right incentives for families to protect their homes and loved ones while also providing incentives to safeguard small businesses.”
“In the wake of Hurricane Ian, many Floridians who have just recovered are choosing to make home improvements to minimize damages during the next storm,” said Steube. “I’m glad to co-sponsor legislation to provide a federal tax credit for these proactive mitigation expenditures. This legislation will encourage Americans in disaster-prone areas to better prepare their properties and contribute to shorter, less costly recoveries following future disasters.”
The bill was sent to the U.S. House Ways and Means Committee.
Over in the U.S. Senate, U.S. Sens. Michael Bennet, D-Col., and Bill Cassidy, R-La, are championing the bill.
“Coloradans have become all too familiar with devastating extreme weather events and wildfires – but we can’t just focus on helping communities recover after these disasters. Congress needs to do more to help homeowners and renters prepare,” said Bennet. “This bill helps taxpayers invest in protection tools and materials to safeguard their homes, businesses, and families. I’m looking forward to working with my bipartisan colleagues to pass this bill.”
“The best way to recover from a storm is to never flood at all,” said Cassidy. “Our bill assists families and business owners to better prepare for future storms by reducing their property’s risk of flooding.”
The National Association of Realtors, the American Institute of Architects and the National Institute of Building Sciences are backing the proposal.
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