Working Waterfront Disaster Mitigation Tax Credit Act
This bill intends to incentivize investments that enhance the resilience of working waterfronts against natural hazards like flooding and erosion. By providing a financial incentive for property owners to engage in mitigation projects, the state aims to bolster its economy while protecting critical maritime infrastructure. The inclusion of provisions for modernization and adaptation of building codes will ensure that these properties are better equipped to withstand future environmental threats, ultimately aiming for long-term sustainability in the fishing industry.
HB9909, known as the Working Waterfront Disaster Mitigation Tax Credit Act, aims to amend the Internal Revenue Code to provide tax credits for hazard mitigation projects related to certain working waterfront properties. It proposes a tax credit equal to 30% of qualified investments, with a maximum credit of $300,000 per taxpayer. The bill reflects a growing recognition of the need to protect coastal businesses and communities from the impacts of natural disasters, particularly those engaged in fishing and other water-dependent activities.
Notable points of contention surrounding HB9909 include concerns about its implementation and the potential burden on local economies if property owners do not take advantage of the tax credits. Some argue that without sufficient outreach and support, the intended benefits may not reach the small-scale operators that the bill aims to help. Additionally, discussions may arise regarding the adequacy of the federal tax framework to support the diverse needs of varying waterfront communities, which could lead to calls for amendments or additional support mechanisms.