Should There be Tax Credits For Hurricane and Tornado Readiness Projects? (H.R. 2836)
Do you support or oppose this bill?
What is H.R. 2836?
(Updated March 22, 2018)
This bill — known as the SHELTER Act — would provide tax credits for families and businesses that make qualified expenditures in hurricane and tornado readiness on their residence or business property. Taxpayers would be able to receive a tax credit for 25 percent of their qualified hurricane and tornado mitigation expenses up to $5,000 for any taxable year.
Qualified projects would include:
Strengthening a roof deck attachment;
Creating a secondary water barrier;
Improving the durability of a roof covering;
Bracing gable-end walls;
Reinforcing the connections between a roof and supporting wall;
Protecting against windborne debris;
Protecting exterior doors and garages.
The bill’s full title is the Strengthening Homes and Eliminating Liabilities Through Encouraging Readiness Act.
Argument in favor
Hurricanes and tornadoes can be catastrophic and do significant damage to homes and businesses, so a tax credit would be a good way to incentivize property owners to take proactive steps to mitigate damage to their property before disaster strikes.
Argument opposed
The tax code has far too many loopholes as is, and creating a new tax credit for hurricane and tornado readiness only complicates things. Besides, people worried about their property shouldn’t need a tax credit to incentivize them to prepare for disaster.
Impact
Individuals and businesses that spend money on qualified hurricane and tornado readiness projects; and the IRS.
Cost of H.R. 2836
A CBO cost estimate is unavailable.
Additional Info
In-Depth: Sponsoring Rep. Gus Bilirakis (R-FL) introduced this bill to provide tax credits for families and businesses who invest in hurricane and tornado readiness:
“Taking steps now to reinforce a roof covering, or protect an exterior window, could mean the difference between saving money in the long-run and dealing with major property damage. That’s why I’m introducing the SHELTER Act, to provide tax credits to encourage people to stormproof their homes and properties. This legislation is about helping our communities be proactive when it comes to preparing for Hurricane Season.”
This legislation has the support of two cosponsors in the House, including one Democrat and one Republican.
Media:
Summary by Eric Revell
(Photo Credit: National Hurricane Center / Public Domain)The Latest
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