Working Waterfront Disaster Mitigation Tax Credit Act
Sponsored By: Representative Rep. Pingree, Chellie [D-ME-1]
Introduced
Summary
Working Waterfront Disaster Mitigation Project Credit would create a targeted investment tax credit to encourage projects that protect small working waterfront businesses and infrastructure from floods and other natural hazards. It would apply to projects placed in service after December 31, 2025.
Show full summary
- Working waterfront businesses that provide access to navigable waters for activities like commercial fishing, boatbuilding, aquaculture, and related trades would be eligible for a new nonrefundable investment tax credit equal to 30 percent of qualifying mitigation costs.
- The credit is limited by a per-taxpayer cap of $300,000 and a 10-year look-back that restricts repeated claims. Eligible taxpayers must meet an average annual gross receipts test not to exceed $47,000,000 when aggregated with related businesses.
- Qualified investments must be depreciable tangible property placed in service by the taxpayer. Projects must follow the International Code Council model building code specified in the bill and can include elevation, shoreline stabilization, floodproofing, drainage and stormwater measures, retrofits, and warning systems. The bill also directs Treasury to issue rules and provides special payment treatment for U.S. possessions.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Tax credit for waterfront disaster upgrades
This bill would create a 30% investment tax credit for working waterfront businesses, like marinas, fisheries, and boatyards, to reduce disaster risks. The credit would be capped at $300,000 per taxpayer (indexed after 2026), treating related businesses as one, and you could not claim it again within 10 years (with limited progress‑payment exceptions). To qualify, your business’s 3‑year average gross receipts must be $47 million or less, counting related businesses, with indexing after 2026. Eligible work includes elevation, flood‑proofing, shoreline and stormwater fixes, retrofits, and warning systems, built to model codes (2021 code before Jan 1, 2033; then the latest). Only new, tangible, depreciable property you place in service after Dec 31, 2025 would count, and rehab costs already claimed under other rules would not.
Payments to territories for the credit
Treasury would send payments to U.S. territories to reflect the new credit’s effects. For territories with mirror‑code taxes, payments would match their revenue loss. For non‑mirror territories, Treasury would pay estimated amounts like a mirror‑code system, but only if there is an approved plan to quickly pass the money to residents. These payments would apply for periods after Dec 31, 2025.
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Sponsors & CoSponsors
Sponsor
Rep. Pingree, Chellie [D-ME-1]
ME • D
Cosponsors
Rep. Murphy, Gregory F. [R-NC-3]
NC • R
Sponsored 8/1/2025
Roll Call Votes
No roll call votes available for this bill.
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