H.R.6841 - Disaster Savings and Resilient Construction Act of 2018115th Congress (2017-2018)
|Sponsor:||Rep. Reed, Tom [R-NY-23] (Introduced 09/17/2018)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 09/17/2018 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.6841 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (09/17/2018)
Disaster Savings and Resilient Construction Act of 2018
This bill 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.
The bill 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.
The credit does not apply to property for which a certificate of occupancy is issued after December 31, 2022.