H.R.3397 - Disaster Savings and Resilient Construction Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Reed, Tom [R-NY-23] (Introduced 07/29/2015)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/29/2015 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3397 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (07/29/2015)
Disaster Savings and Resilient Construction Act of 2015
Amends the Internal Revenue Code to allow a business-related tax credit for a specified portion of the cost of commercial and residential buildings that comply with resilient construction requirements in a federally-declared major disaster area. Defines "resilient construction requirements" as requirements that such buildings are designed and constructed to: (1) resist hazards brought on by a major disaster; (2) continue to provide their primary functions after a major disaster; (3) reduce the magnitude or duration of a disruptive event; and (4) 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, 2019.