,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bbda  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #d1 #bjac ,mr4  
,diaz-,bal>t 7= himself & ,mr4 ,h>ris7  
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$it = own+ 
c]ta9 disa/] resili5t prop]ty4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,disa/] ,sav+s & ,resili5t ,con/ruction 
,act ( #bjac4  #b4 ,disa/] resili5t     
prop]ty tax cr$it  7a7 ,9 g5]al ,subp>t 
,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by ins]t+ aft] section #cj;,d !   
foll[+ new section3  #cj;,e4 ,disa/]    
resili5t prop]ty  7a7 ,g5]al rule ,!re  
%all be all[$ z a cr$it aga9/ ! tax     
impos$ by ?is *apt] = ! taxable ye> an  
am\nt equal to ! applicable am\nt = ea* 
qualifi$ build+ plac$ 9 s]vice dur+ !   
taxable ye>4  7b7 ,applicable am\nt ,=  
purposes ( subsection 7a7--  7#a7       
,comm]cial prop]ty ,9 ! case ( a        

qualifi$ comm]cial prop]ty1 ! applicable
 am\nt is ! less] (--  7,a7 #a p]c5t ( !
 co/ ( ! build+1 or  7,b7 #be1jjj p]    
build+4  7#b7 ,resid5tial prop]ty ,9 !  
case ( a qualifi$ resid5tial prop]ty1 ! 
applicable am\nt is ! less] (--  7,a7 #a
 p]c5t ( ! co/ ( ! prop]ty 7or          
con/ruction co/ = rehabilitation ( !    
prop]ty71 or  7,b7 #c1jjj p] prop]ty4   
7c7 ,qualifi$ build+ ,= purposes (      
subsection 7a7--  7#a7 ,9 g5]al ,! t]m  
qualifi$ build+ means a build+--  7,a7  
own$ by ! taxpay] 9 a disa/] area       
det]m9$ z a result ( a f$]ally decl>$   
major disa/]1  7,b7 ! con/ruction ( :i* 
began aft] ! date ( su* disa/] 9 t area1
  7,c7 :i*--  7i7 is qualifi$ comm]cial 
prop]ty plac$ 9 s]vice = comm]cial      
purposes1 or  7ii7 is qualifi$          
resid5tial prop]ty is plac$ 9 s]vice =  
resid5tial purposes1 &  7,d7 = :i* a    
c]tificate ( occupancy is issu$ be=e !  
end ( ! #c-ye> p]iod beg9n+ on ! date ( 
su* disa/] decl>ation 9 t area4  7#b7   
,qualifi$ comm]cial prop]ty ,! t]m      

qualifi$ comm]cial prop]ty means a      
build+ t is--  7,a7 locat$ 9 ! ,unit$   
,/ates1  7,b7 def9$ 9 ! scope ( ! #bjji 
or lat] ,int]national ,build+ ,code     
publi%$ by ! ,int]national ,code        
,c\ncil1 &  7,c7 design$ & con/ruct$ to 
meet resili5t con/ruction requirem5ts4  
7#c7 ,qualifi$ resid5tial prop]ty ,! t]m
 qualifi$ resid5tial prop]ty means a    
build+ t is--  7,a7 locat$ 9 ! ,unit$   
,/ates1  7,b7 def9$ 9 ! scope ( ! #bjji 
or lat] ,int]national ,resid5tial ,code 
publi%$ by ! ,int]national ,code        
,c\ncil1 &  7,c7 design$ & con/ruct$ to 
meet resili5t con/ruction requirem5ts4  
7d7 ,resili5t con/ruction requirem5ts ,=
 purposes ( ?is section--  7#a7 ,9 g5]al
 ,! resili5t con/ruction requirem5ts )  
respect to a prop]ty are t ! prop]ty is 
design$ & con/ruct$ to--  7,a7 resi/    
haz>ds br\ght on by a major disa/] &    
cont9ues to provide its prim>y functions
 aft] a major disa/]1  7,b7 r$uce !     
magnitude or duration ( a disruptive    
ev5t1 &  7,c7 h ! absorptive capacity1  

adaptive capacity1 recov]ability to )/& 
a pot5tially disruptive ev5t4  7#b7     
,treat$ z meet+ resili5cy requirem5ts ,=
 purposes ( p>agraph 7#a7--  7,a7 9 !   
case ( a qualifi$ comm]cial prop]ty1 !  
prop]ty %all be treat$ z meet+ !        
requirem5ts specifi$ 9 p>agraph 7#a7 if 
! prop]ty is a build+ :i*--  7i7 0      
design$ to meet ! requirem5ts ( ! #bjji 
or lat] ,int]national ,build+ ,code     
publi%$ by ! ,int]national ,code ,c\ncil
 & receiv$ ! ,insurance ,in/itute =     
,bus9ess & ,home ,safety ,,=tifi$ =     
,saf] ,bus9ess designation1 or  7ii7 0  
design$ & built 9 a jurisdiction t      
requires comm]cial build+s to meet !    
requirem5ts ( ! #bjji or lat]           
,int]national ,build+ ,code publi%$ by !
 ,int]national ,code ,c\ncil ) am5dm5ts 
t are equival5t or m re/rictive ?an !   
requirem5ts describ$ 9 ,,=tifi$ = ,saf] 
,bus9ess ,/&>ds publi%$ by ! ,insurance 
,in/itute = ,bus9ess & ,home ,safety &  
receiv$ a c]tificate ( occupancy 7or o!r
 docum5tation /at+ t x has met !        

requirem5ts ( ! build+ code7 f !        
jurisdiction1 &  7,b7 9 ! case ( a      
qualifi$ resid5tial prop]ty1 ! prop]ty  
%all be treat$ z meet+ ! requirem5ts    
specifi$ 9 p>agraph 7#a7 if ! prop]ty is
 a build+ :i* 0 design$ to meet !       
requirem5ts ( ! #bjji or lat]           
,int]national ,resid5tial ,code publi%$ 
by ! ,int]national ,code ,c\ncil1 &     
meets "o ( ! foll[+ requirem5ts3  7i7 ,!
 build+ receiv$ ! ,insurance ,in/itute =
 ,bus9ess & ,home ,safety z ,,=tifi$ =  
,saf] ,liv+ designation4  7ii7 ,! build+
 receiv$ ! ,insurance ,in/itute =       
,bus9ess & ,home ,safety z ,,=tifi$ =   
,exi/+ ,homes designation1 silv] level4 
7iii7 ,x 0 design$ & built 9 a          
jurisdiction t requires resid5tial      
build+s to meet ! requirem5ts ( ! #bjji 
or lat] ,int]national ,build+ ,code     
publi%$ by ! ,int]national ,code ,c\ncil
 ) am5dm5ts t are equival5t or m        
re/rictive ?an ! requirem5ts describ$ 9 
,,=tifi$ = ,saf] ,liv+ ,build]s ,guide  
publi%$ by ! ,insurance ,in/itute =     

,bus9ess & ,home ,safety & receiv$ a    
c]tificate ( occupancy 7or o!r          
docum5tation /at+ t x has met !         
requirem5ts ( ! build+ code7 f !        
jurisdiction4  7#c7 ,absorptive capacity
 ,! t]m absorptive capacity means !     
ability ( ! con/ruction to endure a     
disruption )\t significant deviation f  
normal op]at+ p]=mance4  7#d7 ,adaptive 
capacity ,! t]m adaptive capacity means 
! ability ( ! con/ruction to adapt to a 
dra/ic *ange 9 normal op]at+ conditions4
  7#e7 ,recov]ability ,! t]m            
recov]ability means ! ability ( !       
con/ruction to recov] quickly1 & at l[  
co/1 f pot5tially disruptive ev5ts4  7e7
 ,o!r def9itions ,= purposes ( ?is      
section--  7#a7 ,con/ruction ,! t]m     
con/ruction includes new con/ruction &  
recon/ruction & rehabilitation t meets  
resili5t con/ruction requirem5ts4  7#b7 
,f$]ally decl>$ major disa/] ,! t]m     
f$]ally decl>$ major disa/] means a     
disa/] subsequ5tly det]m9$ by !         
,presid5t ( ! ,unit$ ,/ates to be a     

major disa/] t w>rants assi/ance by !   
,f$]al ,gov]nm5t "u ! ,rob]t ,t4 ,/af=d 
,disa/] ,relief & ,em]g5cy ,assi/ance   
,act4  7#c7 ,disa/] area ,! t]m disa/]  
area means ! area s det]m9$ to w>rant   
su* assi/ance4  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 attributable 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$it 
all[able "u subp>t ,a = su* taxable ye>4
  7g7 ,basis r$uction ,= purposes ( ?is 
subtitle1 ! basis ( any prop]ty = :i* a 
cr$it is all[able "u subsection 7a7 %all
 be r$uc$ by ! am\nt ( su* cr$it s      
all[$4  7h7 ,t]m9ation ,?is section %all

 n apply to any prop]ty = :i* a         
c]tificate = occupancy is issu$ aft]    
,decemb] #ca1 #bjag4  4  7b7 ,cr$it made
 "p ( g5]al bus9ess cr$it ,section      
#ch7;b7 ( su* ,code1 z am5d$ by ?is     
,act1 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 ! portion ( ! disa/] resili5t     
prop]ty cr$it to :i* section            
#cj;,e7f77#a7 applies4  4  7c7 ,basis   
adju/m5t ,subsection 7a7 ( section #ajaf
 is am5d$ by /rik+ & at ! end ( p>agraph
 7#cj71 by /rik+ ! p]iod at ! end (     
p>agraph 7#ca7 & ins]t+ a comma1 by     
/rik+ & at ! end ( p>agraph 7#cf71 by   
/rik+ ! p]iod at ! end ( p>agraph 7#cg7 
& ins]t+ 1 &1 & by add+ at ! end !      
foll[+ new p>agraph3  7#ch7 to ! ext5t  
provid$ 9 section #cj;,e7g71 9 ! case ( 
am\nts ) respect to :i* a cr$it has be5 
all[$ "u section #cj;,e4  4  7d7        
,cl]ical am5dm5t ,! table ( sections =  
subp>t ,b ( "p ,,iv ( sub*apt] ,a (     

*apt] #a ( su* ,code is am5d$ by ins]t+ 
aft] ! item relat+ to section #cj;,d !  
foll[+ new item3  ,sec4 #cj;,e4 ,disa/] 
resili5t prop]ty4  4  7e7 ,effective    
date ,! am5dm5ts made by ?is section    
%all apply to prop]ty = :i* a c]tificate
 = occupancy is issu$ aft] ! date ( !   
enactm5t ( ?is ,act4