H.R.5839 - Disaster Savings and Resilient Construction Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Davis, Geoff [R-KY-4] (Introduced 05/18/2012)|
|Committees:||House - Ways and Means|
|Latest Action:||09/19/2012 CHANGE OF FIRST SPONSOR - Mr. Diaz-Balart asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 5839, originally introduced by Representative Geoff Davis (KY), for the purposes of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.|
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Summary: H.R.5839 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (05/18/2012)
Disaster Savings and Resilient Construction Act of 2012 - Amends the Internal Revenue Code to allow a business-related tax credit for the cost of constructing commercial and residential buildings that comply with resilient construction requirements in a federally-declared major disaster area. Defines "resilient construction requirements" as requirements that ensure that such buildings: (1) can resist hazards brought on by a major disaster and can continue to provide their primary functions after a major disaster, (2) can reduce the magnitude or duration of a disruptive event, and (3) have the absorptive capacity, adaptive capacity, and recoverability to withstand a potentially disruptive event.
Terminates such credit for any any property for which a certificate of occupancy is issued after December 31, 2015.