[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 913 Introduced in House (IH)]
110th CONGRESS
1st Session
H. R. 913
To amend the Internal Revenue Code of 1986 to provide a credit against
tax for hurricane and tornado mitigation expenditures.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 8, 2007
Mr. Bilirakis (for himself, Ms. Ginny Brown-Waite of Florida, Mr.
Lincoln Diaz-Balart of Florida, and Mr. Mario Diaz-Balart of Florida)
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 against
tax for hurricane and tornado mitigation expenditures.
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 ``Hurricane and Tornado Mitigation
Investment Act of 2007''.
SEC. 2. NONREFUNDABLE PERSONAL CREDIT FOR HURRICANE AND TORNADO
MITIGATION PROPERTY.
(a) In General.--Subpart A of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by inserting after
section 25D the following new section:
``SEC. 25E. HURRICANE AND TORNADO MITIGATION PROPERTY.
``(a) Allowance of Credit.--In the case of an individual, there
shall be allowed as a credit against the tax imposed by this chapter
for the taxable year an amount equal to 25 percent of the qualified
hurricane and tornado mitigation property expenditures made by the
taxpayer during such taxable year.
``(b) Maximum Credit.--The credit allowed under subsection (a) for
any taxable year shall not exceed $5,000.
``(c) Qualified Hurricane and Tornado Mitigation Expenditure.--For
purposes of this section--
``(1) In general.--The term `qualified hurricane and
tornado mitigation property expenditure' means an expenditure
for property--
``(A) to improve the strength of a roof deck
attachment,
``(B) to create a secondary water barrier to
prevent water intrusion,
``(C) to improve the durability of a roof covering,
``(D) to brace gable-end walls,
``(E) to reinforce the connection between a roof
and supporting wall,
``(F) to protect openings from penetration by
windborne debris, or
``(G) to protect exterior doors and garages,
in a qualified dwelling unit located in a qualified State and
owned by the taxpayer.
``(2) Qualified dwelling unit.--The term `qualified
dwelling unit' means a dwelling unit that is assessed at a
value that is less than $1,000,000 by the locality in which
such dwelling unit is located and with respect to the taxable
year for which the credit described in subsection (a) is
allowed.
``(3) Qualified state.--The term `qualified State' means
Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida,
Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland, Massachusetts, Minnesota,
Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New
York, North Carolina, Ohio, Pennsylvania, Rhode Island, South
Carolina, South Dakota, Tennessee, Texas, or Virginia.
``(d) Limitation.--An expenditure shall be taken into account in
determining the qualified hurricane and tornado mitigation property
expenditures made by the taxpayer during the taxable year only if the
onsite preparation, assembly, or original installation of the property
with respect to which such expenditure is made has been completed in a
manner that is deemed to be adequate by a State-certified inspector.
``(e) Labor Costs.--For purposes of this section, expenditures for
labor costs properly allocable to the onsite preparation, assembly, or
original installation of the property described in subsection (c) shall
be taken into account in determining the qualified hurricane and
tornado mitigation property expenditures made by the taxpayer during
the taxable year.
``(f) Inspection Costs.--For purposes of this section, expenditures
for inspection costs properly allocable to the inspection of the
preparation, assembly, or installation of the property described in
subsection (c) shall be taken into account in determining the qualified
hurricane and tornado mitigation property expenditures made by the
taxpayer during the taxable year.''.
(b) Conforming Amendment.--The table of sections for subpart A of
part IV of subchapter A of chapter 1 of such Code is amended by
inserting after the item relating to section 25D the following new
item:
``Sec. 25E. Hurricane and tornado mitigation property.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2007.
SEC. 3. BUSINESS RELATED CREDIT FOR HURRICANE AND TORNADO MITIGATION.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by inserting after
section 45N the following new section:
``SEC. 45O. HURRICANE AND TORNADO MITIGATION CREDIT.
``(a) General Rule.--For purposes of section 38, the hurricane and
tornado mitigation credit determined under this section for any taxable
year is an amount equal to 25 percent of the qualified hurricane and
tornado mitigation property expenditures made by the taxpayer during
the taxable year.
``(b) Maximum Credit.--The amount of the credit determined under
subsection (a) for any taxable year shall not exceed $5,000.
``(c) Qualified Hurricane and Tornado Mitigation Expenditure.--For
purposes of this section--
``(1) In general.--The term `qualified hurricane and
tornado mitigation property expenditure' means an expenditure
for property--
``(A) to improve the strength of a roof deck
attachment,
``(B) to create a secondary water barrier to
prevent water intrusion,
``(C) to improve the durability of a roof covering,
``(D) to brace gable-end walls,
``(E) to reinforce the connection between a roof
and supporting wall,
``(F) to protect openings from penetration by
windborne debris, or
``(G) to protect exterior doors and garages,
in a qualified place of business located in a qualified State
and owned by the taxpayer.
``(2) Qualified place of business.--The term `qualified
place of business' means a place of business that is assessed
at a value that is less than $5,000,000 by the locality in
which such business is located and with respect to the taxable
year for which the credit described in subsection (a) is
allowed.
``(3) Qualified state.--The term `qualified State' means
Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida,
Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland, Massachusetts, Minnesota,
Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New
York, North Carolina, Ohio, Pennsylvania, Rhode Island, South
Carolina, South Dakota, Tennessee, Texas, or Virginia.
``(d) Limitation.--An expenditure shall be taken into account in
determining the qualified hurricane and tornado mitigation property
expenditures made by the taxpayer during the taxable year only if the
onsite preparation, assembly, or original installation of the property
with respect to which such expenditure is made has been completed in a
manner that is deemed to be adequate by a State-certified inspector.
``(e) Labor Costs.--For purposes of this section, expenditures for
labor costs properly allocable to the onsite preparation, assembly, or
original installation of the property described in subsection (c) shall
be taken into account in determining the qualified hurricane and
tornado mitigation property expenditures made by the taxpayer during
the taxable year.
``(f) Inspection Costs.--For purposes of this section, expenditures
for inspection costs properly allocable to the inspection of the
preparation, assembly, or installation of the property described in
subsection (c) shall be taken into account in determining the qualified
hurricane and tornado mitigation property expenditures made by the
taxpayer during the taxable year.''.
(b) Conforming Amendments.--
(1) Section 38(b) of such Code is amended by striking
``plus'' at the end of paragraph (30), by striking the period
at the end of paragraph (31) and inserting ``, and'', and by
adding at the end the following new paragraph:
``(32) the hurricane and tornado mitigation credit
determined under section 45O(a).''.
(2) The table of sections for subpart D of part IV of
subchapter A of chapter 1 of such Code is amended by inserting
after the item relating to section 45N the following new item:
``Sec. 45O. Hurricane and tornado mitigation credit.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2007.
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