,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #bggd  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bb1 #bjac ,mr4
 ,bilirakis 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     
against tax for hurricane and tornado   
mitigation expenditures4  #a4 ,short    
title ,this ,act may be cited as the    
,hurricane and ,tornado ,mitigation     
,investment ,act of #bjac4  #b4         
,nonrefundable personal credit for      
hurricane and tornado mitigation        
property  7a7 ,in general ,subpart ,a of
 part ,,iv of subchapter ,a of chapter  
#a of the ,internal ,revenue ,code of   
#aihf is amended by inserting after     
section #be;,d the following new        
section3  #be;,e4 ,hurricane and tornado
 mitigation property  7a7 ,allowance of 
credit ,in the case of an individual1   
there shall be allowed as a credit      
against the tax imposed by this chapter 

for the taxable year an amount equal to 
#be percent of the qualified hurricane  
and tornado mitigation property         
expenditures made by the taxpayer during
 such taxable year4  7b7 ,maximum credit
 ,the credit allowed under subsection   
7a7 for any taxable year shall not      
exceed #e1jjj4  7c7 ,qualified hurricane
 and tornado mitigation expenditure ,for
 purposes of this section--  7#a7 ,in   
general ,the term qualified hurricane   
and tornado mitigation property         
expenditure means an expenditure for    
property--  7,a7 to improve the strength
 of a roof deck attachment1  7,b7 to    
create a secondary water barrier to     
prevent water intrusion1  7,c7 to       
improve the durability of a roof        
covering1  7,d7 to brace gable-end      
walls1  7,e7 to reinforce the connection
 between a roof and supporting wall1    
7,f7 to protect openings from           
penetration by windborne debris1 or     
7,g7 to protect exterior doors and      
garages1  in a qualified dwelling unit  

located in the ,united ,states and owned
 by the taxpayer4  7#b7 ,qualified      
dwelling unit ,the term qualified       
dwelling unit means a dwelling unit that
 is assessed at a value that is less    
than #a1jjj1jjj by the locality in which
 such dwelling unit is located and with 
respect to the taxable year for which   
the credit described in subsection 7a7  
is allowed4  7d7 ,limitation ,an        
expenditure shall be taken into account 
in determining the qualified hurricane  
and tornado mitigation property         
expenditures made by the taxpayer during
 the taxable year only if the onsite    
preparation1 assembly1 or original      
installation of the property with       
respect to which such expenditure is    
made has been completed in a manner that
 is deemed to be adequate by a          
,state-certified inspector4  7e7 ,labor 
costs ,for purposes of this section1    
expenditures for labor costs properly   
allocable to the onsite preparation1    
assembly1 or original installation of   

the property described in subsection 7c7
 shall be taken into account in         
determining the qualified hurricane and 
tornado mitigation property expenditures
 made by the taxpayer during the taxable
 year4  7f7 ,inspection costs ,for      
purposes of this section1 expenditures  
for inspection costs properly allocable 
to the inspection of the preparation1   
assembly1 or installation of the        
property described in subsection 7c7    
shall be taken into account in          
determining the qualified hurricane and 
tornado mitigation property expenditures
 made by the taxpayer during the taxable
 year4  4  7b7 ,conforming amendment    
,the table of sections for subpart ,a of
 part ,,iv of subchapter ,a of chapter  
#a of such ,code is amended by inserting
 after the item relating to section     
#be;,d the following new item3  ,sec4   
#be;,e4 ,hurricane and tornado          
mitigation property4  4  7c7 ,effective 
date ,the amendments made by this       
section shall apply to taxable years    

beginning after ,december #ca1 #bjab4   
#c4 ,business-related credit for        
hurricane and tornado mitigation  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 #de,r
 the following new section3  #de,s4     
,hurricane and tornado mitigation credit
  7a7 ,general rule ,for purposes of    
section #ch1 the hurricane and tornado  
mitigation credit determined under this 
section for any taxable year is an      
amount equal to #be percent of the      
qualified hurricane and tornado         
mitigation property expenditures made by
 the taxpayer during the taxable year4  
7b7 ,maximum credit ,the amount of the  
credit determined under subsection 7a7  
for any taxable year shall not exceed   
#e1jjj4  7c7 ,qualified hurricane and   
tornado mitigation expenditure ,for     
purposes of this section--  7#a7 ,in    
general ,the term qualified hurricane   
and tornado mitigation property         

expenditure means an expenditure for    
property--  7,a7 to improve the strength
 of a roof deck attachment1  7,b7 to    
create a secondary water barrier to     
prevent water intrusion1  7,c7 to       
improve the durability of a roof        
covering1  7,d7 to brace gable-end      
walls1  7,e7 to reinforce the connection
 between a roof and supporting wall1    
7,f7 to protect openings from           
penetration by windborne debris1 or     
7,g7 to protect exterior doors and      
garages1  in a qualified place of       
business located in the ,united ,states 
and owned by the taxpayer4  7#b7        
,qualified place of business ,the term  
qualified place of business means a     
place of business that is assessed at a 
value that is less than #e1jjj1jjj by   
the locality in which such business is  
located and with respect to the taxable 
year for which the credit described in  
subsection 7a7 is allowed4  7d7         
,limitation ,an expenditure shall be    
taken into account in determining the   

qualified hurricane and tornado         
mitigation property expenditures made by
 the taxpayer during the taxable year   
only if the onsite preparation1         
assembly1 or original installation of   
the property with respect to which such 
expenditure is made has been completed  
in a manner that is deemed to be        
adequate by a ,state-certified          
inspector4  7e7 ,labor costs ,for       
purposes of this section1 expenditures  
for labor costs properly allocable to   
the onsite preparation1 assembly1 or    
original installation of the property   
described in subsection 7c7 shall be    
taken into account in determining the   
qualified hurricane and tornado         
mitigation property expenditures made by
 the taxpayer during the taxable year4  
7f7 ,inspection costs ,for purposes of  
this section1 expenditures for          
inspection costs properly allocable to  
the inspection of the preparation1      
assembly1 or installation of the        
property described in subsection 7c7    

shall be taken into account in          
determining the qualified hurricane and 
tornado mitigation property expenditures
 made by the taxpayer during the taxable
 year4  4  7b7 ,conforming amendments   
7#a7 ,section #ch7;b7 of such ,code 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 hurricane and tornado mitigation    
credit determined under section         
#de,s7a74  4  7#b7 ,the table of        
sections for subpart ,d of part ,,iv of 
subchapter ,a of chapter #a of such     
,code is amended by inserting after the 
item relating to section #de,r the      
following new item3  ,sec4 #de,s4       
,hurricane and tornado mitigation       
credit4  4  7c7 ,effective date ,the    
amendments made by this section shall   
apply to taxable years beginning after  
,december #ca1 #bjab4