Working Waterfront Disaster Mitigation Tax Credit Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 4861 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 4861 To amend the Internal Revenue Code of 1986 to provide a credit for hazard mitigation projects in connection with certain working waterfront property. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES August 1, 2025 Ms. Pingree (for herself and Mr. Murphy) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide a credit for hazard mitigation projects in connection with certain working waterfront property. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Working Waterfront Disaster Mitigation Tax Credit Act''. SEC. 2. WORKING WATERFRONT DISASTER MITIGATION PROJECT CREDIT. (a) In General.--Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48E the following new section: ``SEC. 48F. WORKING WATERFRONT DISASTER MITIGATION PROJECT CREDIT. ``(a) In General.--For purposes of section 46, the working waterfront disaster mitigation project for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year. ``(b) Limitations.-- ``(1) Dollar limitation.-- ``(A) In general.--The amount of the credit allowed under this section with respect to any taxpayer shall not exceed $300,000. ``(B) Aggregation rules.--All taxpayers treated as a single employer under subsection (a) or (b) of section 52 or subsection (m) or (o) of section 414 shall be treated as a single taxpayer for purposes of subparagraph (A). ``(C) Inflation adjustment.--In the case of any taxable year beginning after December