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.

Bill 118 s 4871, also known as the Hazard Mitigation Credit for Working Waterfront Property Act, is a proposed piece of legislation that aims to amend the Internal Revenue Code of 1986. The main purpose of this bill is to provide a tax credit for hazard mitigation projects that are related to certain working waterfront properties.

Working waterfront properties are areas that are used for commercial fishing, aquaculture, or other maritime activities. These properties are often vulnerable to natural disasters such as hurricanes, flooding, and sea level rise. Hazard mitigation projects are measures taken to reduce the risk and impact of these disasters on the properties.

The bill proposes to offer a tax credit to property owners who undertake hazard mitigation projects on their working waterfront properties. This credit would help offset the costs associated with implementing these projects, such as building seawalls, elevating structures, or relocating infrastructure. By incentivizing property owners to invest in hazard mitigation projects, the bill aims to protect working waterfront properties from the increasing threats of climate change and natural disasters. This, in turn, would help preserve these important economic and cultural assets for future generations. Overall, Bill 118 s 4871 seeks to promote the resilience of working waterfront properties through financial support for hazard mitigation projects, ultimately benefiting both the property owners and the communities that rely on these vital coastal areas.