S.2538

Working Waterfront Disaster Mitigation Tax Credit Act provides a tax credit for hazard mitigation projects on working waterfront property.

The Working Waterfront Disaster Mitigation Tax Credit Act amends the Internal Revenue Code to introduce a tax credit for projects aimed at mitigating hazards on working waterfront property. This credit applies to projects designed to prevent or mitigate damage from natural hazards, including structural elevation, flood risk reduction, shoreline stabilization, and warning systems. The credit is limited to $300,000 per taxpayer and cannot be claimed for the same project within a 10-year period. The bill also includes provisions for inflation adjustments and coordination with other tax credits.