,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #abfh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #ai1 #bjac ,mr4  
,palazzo introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,ways &       
,means1 & 9 addition to ! ,committees on
 ,transportation & ,infra/ructure1      
,f9ancial ,s]vices1 & ,en]gy & ,comm]ce1
 = a p]iod to be subsequ5tly det]m9$ by 
! ,speak]1 9 ea* case = consid]ation (  
su* provisions z fall )9 ! jurisdiction 
( ! committee conc]n$  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 provide a cr$it = qualifi$ flood       
mitigation exp5ses incurr$ ) respect to 
c]ta9 resid5ces = :i* ! *>geable premium
 rate "u ! national flood insurance     
program is increas+ & to provide        
increas$ fund+ = mitigation programs4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,flood ,mitigation ,exp5se ,relief    
,act ( #bjac4  #b4 ,cr$it = c]ta9       
qualifi$ flood mitigation exp5ses  7a7  
,9 g5]al ,subp>t ,b ( "p ,,iv ( sub*apt]
 ,a ( *apt] #a ( ! ,int]nal ,rev5ue     

,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new section3  #cj;,e4 ,qualifi$
 flood mitigation exp5ses  7a7 ,9 g5]al 
,9 ! case ( a qualifi$ taxpay]1 !re %all
 be all[$ z a cr$it aga9/ ! tax impos$  
by ?is *apt] = ! taxable ye> an am\nt   
equal to ! qualifi$ flood mitigation    
exp5ses paid or incurr$ by ! taxpay] = !
 taxable ye>4  7b7 ,limitations ,! am\nt
 all[$ z a cr$it "u subsection 7a7 = a  
taxable ye> %all n exce$ #e1jjj4  7c7   
,qualifi$ taxpay]  7#a7 ,9 g5]al ,=     
purposes ( ?is section1 ! t]m qualifi$  
taxpay] means taxpay] :o--  7,a7 is !   
hold] ( a policy = flood insurance      
cov]age "u ! national flood insurance   
program "u ! ,national ,flood ,insurance
 ,act ( #aifh 7#db ,u4,s4,c4 #djaa et   
seq471 &  7,b7 owns prop]ty--  7i7 :i*  
is cov]$ by su* policy = flood insurance
 cov]age "u :i* ! *>geable premium rate 
z ( ! date ( ! enactm5t ( !             
,bigg]t-,wat]s ,flood ,insurance ,re=m  
,act ( #bjab 7title ,,ii ( division ,f (
 ,public ,law #aab-ada7 is less ?an !   

applicable e/imat$ risk premium rate "u 
section #acjg7;a77#a7 ( ! ,national     
,flood ,insurance ,act ( #aifh 7#db     
,u4,s4,c4 #djad7;a77#a77 = ! area 7or   
subdivision !re(7 9 :i* ! prop]ty is    
locat$1  7ii7 = :i* su* *>geable premium
 rate 0 increas$ or w increase1 z a     
result ( any provision ( !              
,bigg]t-,wat]s ,flood ,insurance ,re=m  
,act ( #bjab1 to ! applicable e/imat$   
risk premium rate "u su* section        
#acjg7;a77#a7 = su* area 7or            
subdivision71 &  7iii7 :i*--  7,i7 has  
an elevation l[] ?an ! base flood       
elevation1 z det]m9$ by ! applicable    
flood insurance rate map1 or  7,,ii7 is 
locat$ 9 an area t1 aft] ! date ( !     
enactm5t ( ! ,bigg]t-,wat]s ,flood      
,insurance ,re=m ,act ( #bjab1 has be5  
designat$ z hav+ a high] flood risk ?an 
! flood risk designat$ = ! area z ( su* 
date ( enactm5t4  7#b7 ,bus9ess employ]s
 mu/ be small  7,a7 ,9 g5]al ,9 ! case (
 a taxpay] :i* is a trade or bus9ess1 = 
purposes ( ?is section ! t]m qualifi$   

taxpay] %all n include any taxpay] :i*  
employ$ an av]age ( m ?an #ej employees 
on bus9ess days dur+ su* taxable ye>4   
7,b7 ,controll$ gr\ps ,= purposes (     
subp>agraph 7,a71 all p]sons treat$ z a 
s+le employ] "u subsection 7a7 or 7b7 ( 
section #eb or subsection 7m7 or 7o7 (  
section #dad %all be treat$ z a s+le    
employ]4  7d7 ,qualifi$ flood mitigation
 exp5ses ,! t]m qualifi$ flood          
mitigation exp5ses %all h ! mean+ giv5  
su* t]m by ! ,adm9i/rator ( ! ,f$]al    
,em]g5cy ,managem5t ,ag5cy4  7e7        
,p>tn]%ip1 ,s corporations1 & o!r       
pass-,?ru entities ,9 ! case ( a        
p>tn]%ip1 tru/1 ,s corporation1 or o!r  
pass-?ru entity1 ! cr$it & limitations  
conta9$ 9 ?is section %all be det]m9$ at
 ! entity level4  7f7 ,application ) o!r
 cr$its  7#a7 ,bus9ess cr$it treat$ z "p
 ( g5]al bus9ess cr$it ,s mu* ( ! cr$it 
:i* w\ld be all[$ "u subsection 7a7 =   
any taxable ye> 7det]m9$ )\t reg>d to   
?is subsection7 t is det]m9$ ) respect  
to prop]ty ( a "* subject to an all[ance

 = depreciation %all be treat$ z a cr$it
 li/$ 9 section #ch7;b7 = su* taxable   
ye> 7& n all[$ "u subsection 7a774  7#b7
 ,p]sonal cr$it ,= purposes ( ?is title1
 ! cr$it all[$ "u subsection 7a7 = any  
taxable ye> 7det]m9$ aft] application ( 
p>agraph 7#a77 %all be treat$ z a cr$it 
all[able "u subp>t ,c = su* taxable ye>4
  7g7 ,t]m9ation ,subsection 7a7 %all n 
apply to any am\nt paid or incurr$ aft] 
,decemb] #ca1 #bjbb4  4  7b7 ,con=m+    
am5dm5ts  7#a7 ,section #ch7;b7 ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ plus at ! end ( p>agraph 7#ce71
 by /rik+ ! p]iod at ! end ( section    
7#cf7 & ins]t+ 1 plus1 & by ins]t+ aft] 
p>agraph 7#cf7 ! foll[+ new p>agraph3   
7#cg7 ! portion ( ! cr$it = qualifi$    
flood mitigation exp5ses to :i* section 
#cj;,e7f77#a7 applies4  4  7#b7 ,section
 #acbd7;b77#b7 ( title #ca1 ,unit$      
,/ates ,code1 is am5d$ by ins]t+        
#cj;,e7f77#b71 aft] #be;,a14  7#c7 ,!   
table ( sections = subp>t ,b ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( ! ,int]nal    

,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#cj;,e4 ,qualifi$ flood mitigation      
exp5ses4  4  7c7 ,effective date ,!     
am5dm5ts made by ?is section %all apply 
to am\nts paid or incurr$ aft] ,decemb] 
#ca1 #bjab4  #c4 ,increas$ fund+ =      
mitigation programs  7a7 ,au?orization (
 appropriations ,!re are au?oriz$ to be 
appropriat$ to ! ,adm9i/rator ( ! ,f$]al
 ,em]g5cy ,managem5t ,ag5cy--  7#a7     
#ajj1jjj1jjj = c>ry+ out ! pr$isa/]     
haz>d mitigation program au?oriz$ by    
section #bjc ( ! ,rob]t ,t4 ,/af=d      
,disa/] ,relief & ,em]g5cy ,assi/ance   
,act 7#db ,u4,s4,c4 #eacc72 &  7#b7     
#ajj1jjj1jjj = c>ry+ out ! flood        
mitigation assi/ance program au?oriz$ by
 section #acff ( ! ,national ,flood     
,insurance ,act ( #aifi 7#db ,u4,s4,c4  
#dajd;c71 :i* %all rema9 available until
 exp5d$4  7b7 ,use ( funds ,9 c>ry+ out 
! programs specifi$ 9 subsection 7a7 us+
 ! am\nts made available to !           
,adm9i/rator "u ?is section1 !          

,adm9i/rator %all ensure t su* am\nts   
are us$ z foll[s3  7#a7 ,activities ,su*
 am\nts may be us$ only =--  7,a7       
mitigation activities "u su* programs = 
prop]ties eligible pursuant to p>agraph 
7#b72 &  7,b7 acquisition by ,/ates &   
communities ( prop]ties eligible        
pursuant to p>agraph 7#b74  7#b7        
,prop]ties ,su* am\nts may be us$ only )
 respect to prop]ties t--  7,a7 are     
locat$ 9 an area = :i* revis$ flood     
insurance rate maps "u ! national flood 
insurance program take effect aft] !    
date ( ! enactm5t ( ! ,bigg]t-,wat]s    
,flood ,insurance ,re=m ,act ( #bjab    
7subtitle ,a ( title ,,ii ( division ,f 
( ,public ,law #aab-ada2 #abf ,/at4     
#iaf72 &  7,b7 7i7 h an elevation t is  
l[] ?an ! base flood elevation = ! area 
9 :i* ! prop]ty is locat$1 z det]m9$ by 
! applicable su* flood insurance rate   
map2 or  7ii7 are locat$ 9 an area t1   
aft] ! date ( ! enactm5t ( !            
,bigg]t-,wat]s ,flood ,insurance ,re=m  
,act ( #bjab1 has be5 designat$ z hav+ a

 high] flood risk ?an ! flood risk      
designat$ = ! area z ( su* date (       
enactm5t4  #d4 ,repeal ( ,en]gy ,/>     
,program ,! ,en]gy ,/> program ( !      
,unit$ ,/ates ,dep>tm5t ( ,en]gy & !    
,unit$ ,/ates ,environm5tal ,protection 
,ag5cy is h]eby t]m9at$ & any           
appropriation or am\nt o!rwise made     
available = su* program :i* is n        
obligat$ or exp5d$ z ( ! date ( !       
enactm5t ( ?is ,act is h]eby resc9d$4