SB697

Establishes a tax credit for homeowners to install wind-resistant devices for hurricane preparedness.

The bill establishes a nonrefundable income tax credit to assist qualified homeowners in installing approved wind-resistant devices for hurricane preparedness. The credit is limited to $40,000 or the actual costs incurred, whichever is less. Homeowners must pre-certify eligible costs with the insurance division, which will cap the number of credits at 2,000 in the first year and 4,000 in the second year. The credit can be claimed against the taxpayer's net income tax liability and any excess can be carried over to subsequent years.