S.1323

The FIREWALL Act provides a refundable tax credit for disaster mitigation expenditures on qualified dwelling units.

The FIREWALL Act amends the Internal Revenue Code to introduce a refundable personal credit for disaster mitigation expenditures. This credit allows individuals to claim 50% of their qualified disaster mitigation expenditures as a credit against their tax. Expenditures must relate to a qualified dwelling unit, which is a residence located in an area that has received hazard mitigation assistance or has been designated as a community disaster resilience zone. The credit is subject to a maximum of $25,000 per year and is reduced for taxpayers with adjusted gross incomes over $200,000.