,i #aacth ,,congress #ast ,session ,h4 ,r4 #bbda ,,in ,,the ,,house ,,of ,,representatives ,june #d1 #bjac ,mr4 ,diaz-,balart 7for himself and ,mr4 ,harris7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide a credit for owning certain disaster resilient property4 #a4 ,short title ,this ,act may be cited as the ,disaster ,savings and ,resilient ,construction ,act of #bjac4 #b4 ,disaster resilient property tax credit 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #cj;,d the following new section3 #cj;,e4 ,disaster resilient property 7a7 ,general rule ,there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the applicable amount for each qualified building placed in service during the taxable year4 7b7 ,applicable amount ,for purposes of subsection 7a7-- 7#a7 ,commercial property ,in the case of a qualified commercial property1 the applicable amount is the lesser of-- 7,a7 #a percent of the cost of the building1 or 7,b7 #be1jjj per building4 7#b7 ,residential property ,in the case of a qualified residential property1 the applicable amount is the lesser of-- 7,a7 #a percent of the cost of the property 7or construction cost for rehabilitation of the property71 or 7,b7 #c1jjj per property4 7c7 ,qualified building ,for purposes of subsection 7a7-- 7#a7 ,in general ,the term qualified building means a building-- 7,a7 owned by the taxpayer in a disaster area determined as a result of a federally declared major disaster1 7,b7 the construction of which began after the date of such disaster in that area1 7,c7 which-- 7i7 is qualified commercial property placed in service for commercial purposes1 or 7ii7 is qualified residential property is placed in service for residential purposes1 and 7,d7 for which a certificate of occupancy is issued before the end of the #c-year period beginning on the date of such disaster declaration in that area4 7#b7 ,qualified commercial property ,the term qualified commercial property means a building that is-- 7,a7 located in the ,united ,states1 7,b7 defined in the scope of the #bjji or later ,international ,building ,code published by the ,international ,code ,council1 and 7,c7 designed and constructed to meet resilient construction requirements4 7#c7 ,qualified residential property ,the term qualified residential property means a building that is-- 7,a7 located in the ,united ,states1 7,b7 defined in the scope of the #bjji or later ,international ,residential ,code published by the ,international ,code ,council1 and 7,c7 designed and constructed to meet resilient construction requirements4 7d7 ,resilient construction requirements ,for purposes of this section-- 7#a7 ,in general ,the resilient construction requirements with respect to a property are that the property is designed and constructed to-- 7,a7 resist hazards brought on by a major disaster and continues to provide its primary functions after a major disaster1 7,b7 reduce the magnitude or duration of a disruptive event1 and 7,c7 have the absorptive capacity1 adaptive capacity1 recoverability to withstand a potentially disruptive event4 7#b7 ,treated as meeting resiliency requirements ,for purposes of paragraph 7#a7-- 7,a7 in the case of a qualified commercial property1 the property shall be treated as meeting the requirements specified in paragraph 7#a7 if the property is a building which-- 7i7 was designed to meet the requirements of the #bjji or later ,international ,building ,code published by the ,international ,code ,council and received the ,insurance ,institute for ,business and ,home ,safety ,,fortified for ,safer ,business designation1 or 7ii7 was designed and built in a jurisdiction that requires commercial buildings to meet the requirements of the #bjji or later ,international ,building ,code published by the ,international ,code ,council with amendments that are equivalent or more restrictive than the requirements described in ,,fortified for ,safer ,business ,standards published by the ,insurance ,institute for ,business and ,home ,safety and received a certificate of occupancy 7or other documentation stating that it has met the requirements of the building code7 from the jurisdiction1 and 7,b7 in the case of a qualified residential property1 the property shall be treated as meeting the requirements specified in paragraph 7#a7 if the property is a building which was designed to meet the requirements of the #bjji or later ,international ,residential ,code published by the ,international ,code ,council1 and meets one of the following requirements3 7i7 ,the building received the ,insurance ,institute for ,business and ,home ,safety as ,,fortified for ,safer ,living designation4 7ii7 ,the building received the ,insurance ,institute for ,business and ,home ,safety as ,,fortified for ,existing ,homes designation1 silver level4 7iii7 ,it was designed and built in a jurisdiction that requires residential buildings to meet the requirements of the #bjji or later ,international ,building ,code published by the ,international ,code ,council with amendments that are equivalent or more restrictive than the requirements described in ,,fortified for ,safer ,living ,builders ,guide published by the ,insurance ,institute for ,business and ,home ,safety and received a certificate of occupancy 7or other documentation stating that it has met the requirements of the building code7 from the jurisdiction4 7#c7 ,absorptive capacity ,the term absorptive capacity means the ability of the construction to endure a disruption without significant deviation from normal operating performance4 7#d7 ,adaptive capacity ,the term adaptive capacity means the ability of the construction to adapt to a drastic change in normal operating conditions4 7#e7 ,recoverability ,the term recoverability means the ability of the construction to recover quickly1 and at low cost1 from potentially disruptive events4 7e7 ,other definitions ,for purposes of this section-- 7#a7 ,construction ,the term construction includes new construction and reconstruction and rehabilitation that meets resilient construction requirements4 7#b7 ,federally declared major disaster ,the term federally declared major disaster means a disaster subsequently determined by the ,president of the ,united ,states to be a major disaster that warrants assistance by the ,federal ,government under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act4 7#c7 ,disaster area ,the term disaster area means the area so determined to warrant such assistance4 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 attributable 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 ,a for such taxable year4 7g7 ,basis reduction ,for purposes of this subtitle1 the basis of any property for which a credit is allowable under subsection 7a7 shall be reduced by the amount of such credit so allowed4 7h7 ,termination ,this section shall not apply to any property for which a certificate for occupancy is issued after ,december #ca1 #bjag4 4 7b7 ,credit made part of general business credit ,section #ch7;b7 of such ,code1 as amended by this ,act1 is amended by striking plus at the end of paragraph 7#ce71 by striking the period at the end of paragraph 7#cf7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#cg7 the portion of the disaster resilient property credit to which section #cj;,e7f77#a7 applies4 4 7c7 ,basis adjustment ,subsection 7a7 of section #ajaf is amended by striking and at the end of paragraph 7#cj71 by striking the period at the end of paragraph 7#ca7 and inserting a comma1 by striking and at the end of paragraph 7#cf71 by striking the period at the end of paragraph 7#cg7 and inserting 1 and1 and by adding at the end the following new paragraph3 7#ch7 to the extent provided in section #cj;,e7g71 in the case of amounts with respect to which a credit has been allowed under section #cj;,e4 4 7d7 ,clerical amendment ,the table of sections for subpart ,b of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by inserting after the item relating to section #cj;,d the following new item3 ,sec4 #cj;,e4 ,disaster resilient property4 4 7e7 ,effective date ,the amendments made by this section shall apply to property for which a certificate for occupancy is issued after the date of the enactment of this ,act4