,i #aacth ,,congress #ast ,session ,h4 ,r4 #abfh ,,in ,,the ,,house ,,of ,,representatives ,march #ai1 #bjac ,mr4 ,palazzo introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committees on ,transportation and ,infrastructure1 ,financial ,services1 and ,energy and ,commerce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide a credit for qualified flood mitigation expenses incurred with respect to certain residences for which the chargeable premium rate under the national flood insurance program is increasing and to provide increased funding for mitigation programs4 #a4 ,short title ,this ,act may be cited as the ,flood ,mitigation ,expense ,relief ,act of #bjac4 #b4 ,credit for certain qualified flood mitigation expenses 7a7 ,in general ,subpart ,b of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #cj;,e4 ,qualified flood mitigation expenses 7a7 ,in general ,in the case of a qualified taxpayer1 there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the qualified flood mitigation expenses paid or incurred by the taxpayer for the taxable year4 7b7 ,limitations ,the amount allowed as a credit under subsection 7a7 for a taxable year shall not exceed #e1jjj4 7c7 ,qualified taxpayer 7#a7 ,in general ,for purposes of this section1 the term qualified taxpayer means taxpayer who-- 7,a7 is the holder of a policy for flood insurance coverage under the national flood insurance program under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa et seq471 and 7,b7 owns property-- 7i7 which is covered by such policy for flood insurance coverage under which the chargeable premium rate as of the date of the enactment of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7title ,,ii of division ,f of ,public ,law #aab-ada7 is less than the applicable estimated risk premium rate under section #acjg7;a77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#a77 for the area 7or subdivision thereof7 in which the property is located1 7ii7 for which such chargeable premium rate was increased or will increase1 as a result of any provision of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab1 to the applicable estimated risk premium rate under such section #acjg7;a77#a7 for such area 7or subdivision71 and 7iii7 which-- 7,i7 has an elevation lower than the base flood elevation1 as determined by the applicable flood insurance rate map1 or 7,,ii7 is located in an area that1 after the date of the enactment of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab1 has been designated as having a higher flood risk than the flood risk designated for the area as of such date of enactment4 7#b7 ,business employers must be small 7,a7 ,in general ,in the case of a taxpayer which is a trade or business1 for purposes of this section the term qualified taxpayer shall not include any taxpayer which employed an average of more than #ej employees on business days during such taxable year4 7,b7 ,controlled groups ,for purposes of subparagraph 7,a71 all persons treated as a single employer under subsection 7a7 or 7b7 of section #eb or subsection 7m7 or 7o7 of section #dad shall be treated as a single employer4 7d7 ,qualified flood mitigation expenses ,the term qualified flood mitigation expenses shall have the meaning given such term by the ,administrator of the ,federal ,emergency ,management ,agency4 7e7 ,partnership1 ,s corporations1 and other pass-,thru entities ,in the case of a partnership1 trust1 ,s corporation1 or other pass-thru entity1 the credit and limitations contained in this section shall be determined at the entity level4 7f7 ,application with other credits 7#a7 ,business credit treated as part of general business credit ,so much of the credit which would be allowed under subsection 7a7 for any taxable year 7determined without regard to this subsection7 that is determined with respect to property of a character subject to an allowance for depreciation shall be treated as a credit listed in section #ch7;b7 for such taxable year 7and not allowed under subsection 7a774 7#b7 ,personal credit ,for purposes of this title1 the credit allowed under subsection 7a7 for any taxable year 7determined after application of paragraph 7#a77 shall be treated as a credit allowable under subpart ,c for such taxable year4 7g7 ,termination ,subsection 7a7 shall not apply to any amount paid or incurred after ,december #ca1 #bjbb4 4 7b7 ,conforming amendments 7#a7 ,section #ch7;b7 of the ,internal ,revenue ,code of #aihf is amended by striking plus at the end of paragraph 7#ce71 by striking the period at the end of section 7#cf7 and inserting 1 plus1 and by inserting after paragraph 7#cf7 the following new paragraph3 7#cg7 the portion of the credit for qualified flood mitigation expenses to which section #cj;,e7f77#a7 applies4 4 7#b7 ,section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 is amended by inserting #cj;,e7f77#b71 after #be;,a14 7#c7 ,the table of sections for subpart ,b of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,sec4 #cj;,e4 ,qualified flood mitigation expenses4 4 7c7 ,effective date ,the amendments made by this section shall apply to amounts paid or incurred after ,december #ca1 #bjab4 #c4 ,increased funding for mitigation programs 7a7 ,authorization of appropriations ,there are authorized to be appropriated to the ,administrator of the ,federal ,emergency ,management ,agency-- 7#a7 #ajj1jjj1jjj for carrying out the predisaster hazard mitigation program authorized by section #bjc of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eacc72 and 7#b7 #ajj1jjj1jjj for carrying out the flood mitigation assistance program authorized by section #acff of the ,national ,flood ,insurance ,act of #aifi 7#db ,u4,s4,c4 #dajd;c71 which shall remain available until expended4 7b7 ,use of funds ,in carrying out the programs specified in subsection 7a7 using the amounts made available to the ,administrator under this section1 the ,administrator shall ensure that such amounts are used as follows3 7#a7 ,activities ,such amounts may be used only for-- 7,a7 mitigation activities under such programs for properties eligible pursuant to paragraph 7#b72 and 7,b7 acquisition by ,states and communities of properties eligible pursuant to paragraph 7#b74 7#b7 ,properties ,such amounts may be used only with respect to properties that-- 7,a7 are located in an area for which revised flood insurance rate maps under the national flood insurance program take effect after the date of the enactment of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7subtitle ,a of title ,,ii of division ,f of ,public ,law #aab-ada2 #abf ,stat4 #iaf72 and 7,b7 7i7 have an elevation that is lower than the base flood elevation for the area in which the property is located1 as determined by the applicable such flood insurance rate map2 or 7ii7 are located in an area that1 after the date of the enactment of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab1 has been designated as having a higher flood risk than the flood risk designated for the area as of such date of enactment4 #d4 ,repeal of ,energy ,star ,program ,the ,energy ,star program of the ,united ,states ,department of ,energy and the ,united ,states ,environmental ,protection ,agency is hereby terminated and any appropriation or amount otherwise made available for such program which is not obligated or expended as of the date of the enactment of this ,act is hereby rescinded4