,i #aac? ,,congress #a/ ,session ,h4 ,r4 #bbcc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #d1 #bjac ,mr4 ,bilirakis introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide a cr$it aga9/ tax = hurricane & tornado mitigation exp5ditures4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,hurricane & ,tornado ,mitigation ,inve/m5t ,act ( #bjac4 #b4 ,nonrefundable p]sonal cr$it = hurricane & tornado mitigation prop]ty 7a7 ,9 g5]al ,subp>t ,a ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #be;,d ! foll[+ new section3 #be;,e4 ,hurricane & tornado mitigation prop]ty 7a7 ,all[ance ( cr$it ,9 ! case ( an individual1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is *apt] = ! taxable ye> an am\nt equal to #be p]c5t ( ! qualifi$ hurricane & tornado mitigation prop]ty exp5ditures made by ! taxpay] dur+ su* taxable ye>4 7b7 ,maximum cr$it ,! cr$it all[$ "u subsection 7a7 = any taxable ye> %all n exce$ #e1jjj4 7c7 ,qualifi$ hurricane & tornado mitigation exp5diture ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ hurricane & tornado mitigation prop]ty exp5diture means an exp5diture = prop]ty-- 7,a7 to improve ! /r5g? ( a ro( deck atta*m5t1 7,b7 to create a second>y wat] b>ri] to prev5t wat] intrusion1 7,c7 to improve ! durability ( a ro( cov]+1 7,d7 to brace gable-end walls1 7,e7 to re9=ce ! connection betwe5 a ro( & support+ wall1 7,f7 to protect op5+s f p5etration by w9dborne debris1 or 7,g7 to protect ext]ior doors & g>ages1 9 a qualifi$ dwell+ unit locat$ 9 a qualifi$ ,/ate & own$ by ! taxpay]4 7#b7 ,qualifi$ dwell+ unit ,! t]m qualifi$ dwell+ unit means a dwell+ unit t is assess$ at a value t is less ?an #a1jjj1jjj by ! locality 9 :i* su* dwell+ unit is locat$ & ) respect to ! taxable ye> = :i* ! cr$it describ$ 9 subsection 7a7 is all[$4 7#c7 ,qualifi$ ,/ate ,! t]m qualifi$ ,/ate means ,alabama1 ,arkansas1 ,colorado1 ,connecticut1 ,delaw>e1 ,florida1 ,georgia1 ,hawaii1 ,ill9ois1 ,indiana1 ,i[a1 ,kansas1 ,k5tucky1 ,l\isiana1 ,ma9e1 ,m>yl&1 ,massa*usetts1 ,m9nesota1 ,mississippi1 ,miss\ri1 ,nebraska1 ,new ,hamp%ire1 ,new ,j]sey1 ,new ,york1 ,nor? ,c>ol9a1 ,ohio1 ,p5nsylvania1 ,rhode ,isl&1 ,s\? ,c>ol9a1 ,s\? ,dakota1 ,t5nessee1 ,texas1 or ,virg9ia4 7d7 ,limitation ,an exp5diture %all be tak5 into acc\nt 9 det]m9+ ! qualifi$ hurricane & tornado mitigation prop]ty exp5ditures made by ! taxpay] dur+ ! taxable ye> only if ! onsite prep>ation1 assembly1 or orig9al in/allation ( ! prop]ty ) respect to :i* su* exp5diture is made has be5 complet$ 9 a mann] t is deem$ to be adequate by a ,/ate-c]tifi$ inspector4 7e7 ,labor co/s ,= purposes ( ?is section1 exp5ditures = labor co/s prop]ly allocable to ! onsite prep>ation1 assembly1 or orig9al in/allation ( ! prop]ty describ$ 9 subsection 7c7 %all be tak5 into acc\nt 9 det]m9+ ! qualifi$ hurricane & tornado mitigation prop]ty exp5ditures made by ! taxpay] dur+ ! taxable ye>4 7f7 ,inspection co/s ,= purposes ( ?is section1 exp5ditures = inspection co/s prop]ly allocable to ! inspection ( ! prep>ation1 assembly1 or in/allation ( ! prop]ty describ$ 9 subsection 7c7 %all be tak5 into acc\nt 9 det]m9+ ! qualifi$ hurricane & tornado mitigation prop]ty exp5ditures made by ! taxpay] dur+ ! taxable ye>4 4 7b7 ,con=m+ am5dm5t ,! table ( sections = subp>t ,a ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #be;,d ! foll[+ new item3 ,sec4 #be;,e4 ,hurricane & tornado mitigation prop]ty4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjab4 #c4 ,bus9ess relat$ cr$it = hurricane & tornado mitigation 7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #de,r ! foll[+ new section3 #de,s4 ,hurricane & tornado mitigation cr$it 7a7 ,g5]al rule ,= purposes ( section #ch1 ! hurricane & tornado mitigation cr$it det]m9$ "u ?is section = any taxable ye> is an am\nt equal to #be p]c5t ( ! qualifi$ hurricane & tornado mitigation prop]ty exp5ditures made by ! taxpay] dur+ ! taxable ye>4 7b7 ,maximum cr$it ,! am\nt ( ! cr$it det]m9$ "u subsection 7a7 = any taxable ye> %all n exce$ #e1jjj4 7c7 ,qualifi$ hurricane & tornado mitigation exp5diture ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ hurricane & tornado mitigation prop]ty exp5diture means an exp5diture = prop]ty-- 7,a7 to improve ! /r5g? ( a ro( deck atta*m5t1 7,b7 to create a second>y wat] b>ri] to prev5t wat] intrusion1 7,c7 to improve ! durability ( a ro( cov]+1 7,d7 to brace gable-end walls1 7,e7 to re9=ce ! connection betwe5 a ro( & support+ wall1 7,f7 to protect op5+s f p5etration by w9dborne debris1 or 7,g7 to protect ext]ior doors & g>ages1 9 a qualifi$ place ( bus9ess locat$ 9 a qualifi$ ,/ate & own$ by ! taxpay]4 7#b7 ,qualifi$ place ( bus9ess ,! t]m qualifi$ place ( bus9ess means a place ( bus9ess t is assess$ at a value t is less ?an #e1jjj1jjj by ! locality 9 :i* su* bus9ess is locat$ & ) respect to ! taxable ye> = :i* ! cr$it describ$ 9 subsection 7a7 is all[$4 7#c7 ,qualifi$ ,/ate ,! t]m qualifi$ ,/ate means ,alabama1 ,arkansas1 ,colorado1 ,connecticut1 ,delaw>e1 ,florida1 ,georgia1 ,hawaii1 ,ill9ois1 ,indiana1 ,i[a1 ,kansas1 ,k5tucky1 ,l\isiana1 ,ma9e1 ,m>yl&1 ,massa*usetts1 ,m9nesota1 ,mississippi1 ,miss\ri1 ,nebraska1 ,new ,hamp%ire1 ,new ,j]sey1 ,new ,york1 ,nor? ,c>ol9a1 ,ohio1 ,p5nsylvania1 ,rhode ,isl&1 ,s\? ,c>ol9a1 ,s\? ,dakota1 ,t5nessee1 ,texas1 or ,virg9ia4 7d7 ,limitation ,an exp5diture %all be tak5 into acc\nt 9 det]m9+ ! qualifi$ hurricane & tornado mitigation prop]ty exp5ditures made by ! taxpay] dur+ ! taxable ye> only if ! onsite prep>ation1 assembly1 or orig9al in/allation ( ! prop]ty ) respect to :i* su* exp5diture is made has be5 complet$ 9 a mann] t is deem$ to be adequate by a ,/ate-c]tifi$ inspector4 7e7 ,labor co/s ,= purposes ( ?is section1 exp5ditures = labor co/s prop]ly allocable to ! onsite prep>ation1 assembly1 or orig9al in/allation ( ! prop]ty describ$ 9 subsection 7c7 %all be tak5 into acc\nt 9 det]m9+ ! qualifi$ hurricane & tornado mitigation prop]ty exp5ditures made by ! taxpay] dur+ ! taxable ye>4 7f7 ,inspection co/s ,= purposes ( ?is section1 exp5ditures = inspection co/s prop]ly allocable to ! inspection ( ! prep>ation1 assembly1 or in/allation ( ! prop]ty describ$ 9 subsection 7c7 %all be tak5 into acc\nt 9 det]m9+ ! qualifi$ hurricane & tornado mitigation prop]ty exp5ditures made by ! taxpay] dur+ ! taxable ye>4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #ch7;b7 ( su* ,code is am5d$ by /rik+ plus at ! end ( p>agraph 7#ce71 by /rik+ ! p]iod at ! end ( p>agraph 7#cf7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#cg7 ! hurricane & tornado mitigation cr$it det]m9$ "u section #de,s7a74 4 7#b7 ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #de,r ! foll[+ new item3 ,sec4 #de,s4 ,hurricane & tornado mitigation cr$it4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjab4