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119-s-2538119th CongressWALLET

Working Waterfront Disaster Mitigation Tax Credit Act

Sponsored By: Senator King, Angus S., Jr. [I-ME]

Introduced

Summary

30% investment tax credit for hazard mitigation on working waterfront property. This bill would create a targeted tax credit to help fund projects that protect working waterfronts from floods, erosion, and other natural hazards.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

New waterfront mitigation tax credit

This bill would create a new investment tax credit equal to 30% of the basis of qualifying property you place in service for working waterfront disaster mitigation projects. The credit would apply to depreciable tangible property you construct or first use, but not to basis from qualified rehabilitation expenditures. The credit would be limited to $300,000 per taxpayer per year (related employers counted together), with the cap indexed for inflation after 2026. A taxpayer could not claim the credit if they were allowed it (other than for qualified progress expenditures) in any of the prior 10 years. To qualify, projects must meet specified ICC building-code standards (2021 IBC before Jan 1, 2032; later affirmed ICC codes thereafter) and use listed mitigation methods. The Treasury, in consultation with FEMA, would issue regulations to administer the credit. These changes would apply to tax periods after December 31, 2025.

Payments to U.S. possessions

This bill would direct the Treasury to pay U.S. possessions for revenue loss tied to these tax changes. For possessions with a mirror tax code, Treasury would pay the loss based on information the possession provides. For possessions without a mirror code, Treasury would estimate the benefit and pay only if the possession has a Secretary-approved plan to promptly distribute the money to residents.

Sponsors & CoSponsors

Sponsor

King, Angus S., Jr. [I-ME]

ME • I

Cosponsors

  • Sen. Cassidy, Bill [R-LA]

    LA • R

    Sponsored 7/30/2025

Roll Call Votes

No roll call votes available for this bill.

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