Disaster Resiliency and Coverage Act of 2024
4/22/2024, 4:05 AM
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Status of Legislation
Purpose and Summary
Disaster Resiliency and Coverage Act of 2024
This bill establishes a grant program for certain hazard mitigation measures for homes in disaster risk areas and provides a tax credit for up to 30% of expenditures on such mitigation measures. It also excludes from taxable income certain payments for residential hazard mitigation and federal emergency agricultural assistance.
The bill requires the Federal Emergency Management Agency (FEMA) to award grants to states and Indian tribal governments for specified hazard mitigation activities on residential properties at a high risk of experiencing a major disaster. FEMA must establish disaster risk areas in which homes are eligible for the grant funding. Individual residential households, subject to certain income limitations, may receive up to $10,000 (adjusted for inflation) for eligible hazard mitigation activities, such as reinforcing a roof, installing a flood control system, or reducing flammable vegetation near the home. The bill also provides an income tax credit to individuals and businesses for up to 30% of expenditures on the specified residential mitigation activities eligible under the grant program.
Additionally, under current law, payments for disaster relief and payments under federal hazard mitigation programs are excluded from taxable income. The bill specifically excludes from taxable income payments to an individual for hazard mitigation improvements to their residence under any program established or administered by a state or local government. The bill also excludes certain federal emergency and disaster agricultural assistance from taxable income as a type of disaster relief payment.
Key provisions of the bill include:
1. Establishing a National Disaster Resiliency Task Force to coordinate federal, state, and local efforts in disaster preparedness and response. 2. Increasing funding for disaster mitigation and infrastructure improvements to reduce the risk of damage from future disasters. 3. Enhancing the availability and affordability of disaster insurance coverage for homeowners, businesses, and communities. 4. Improving coordination between federal agencies, such as FEMA and the Department of Housing and Urban Development, to streamline disaster recovery efforts. 5. Promoting the use of innovative technologies and best practices to enhance disaster resiliency and response capabilities. Overall, the Disaster Resiliency and Coverage Act of 2024 aims to strengthen the nation's ability to withstand and recover from natural disasters, ultimately reducing the human and economic toll of these events. The bill has garnered bipartisan support in Congress and is seen as a crucial step towards building a more resilient and prepared nation.
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Disaster Resiliency and Coverage Act of 2024
This bill establishes a grant program for certain hazard mitigation measures for homes in disaster risk areas and provides a tax credit for up to 30% of expenditures on such mitig...
The bill requires the Federal Emergency Management Agency (FEMA) to award grants to states and Indian tribal governments for specified hazard mitigation activities on residential properties at a high risk of experiencing a major disaster. FEMA must establish disaster risk areas in which homes are eligible for the grant funding. Individual residential households, subject to certain income limitations, may receive up to $10,000 (adjusted for inflation) for eligible hazard mitigation activities, such as reinforcing a roof, installing a flood control system, or reducing flammable vegetation near the home. The bill also provides an income tax credit to individuals and businesses for up to 30% of expenditures on the specified residential mitigation activities eligible under the grant program.
Additionally, under current law, payments for disaster relief and payments under federal hazard mitigation programs are excluded from taxable income. The bill specifically excludes from taxable income payments to an individual for hazard mitigation improvements to their residence under any program established or administered by a state or local government. The bill also excludes certain federal emergency and disaster agricultural assistance from taxable income as a type of disaster relief payment.