,i #aafth ,,congress #b;d ,session ,h4 ,r4 #gigi ,,in ,,the ,,house ,,of ,,representatives ,august #g1 #bjbj,mr4 ,pascrell 7for himself1 ,mr4 ,reed1 ,mr4 ,de,fazio1 and ,mr4 ,diaz-,balart7 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 #bjbj4 #b4 ,disaster resilient property tax credit 7a7 ,in general ,subpart ,b 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 ln 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 ln the case of a qualified residential property1 the applicable amount is the lesser of-- 7,a7 #a percent of the cost of the property1 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 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 most recent ,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 most recent ,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 and 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 most recent ,international ,building ,code published by the ,international ,code ,council and meets the ,,fortified ,commercial ,wind ,standard published by the ,insurance ,institute for ,business and ,home ,safety1 or the most recent ,international ,wildland ,urban ,interface ,code published by the ,international ,code ,council1 7ii7 in the case of a substantial renovation1 such renovation meets the requirements of-- 7,i7 the most recent ,international ,building ,code published by the ,international ,code ,council and the ,,fortified ,commercial ,wind ,standard published by the ,insurance ,institute for ,business and ,home ,safety1 or 7,,ii7 the most recent ,international ,wildland ,urban ,interface ,code published by the ,international ,code ,council1 or 7iii7 in the case of a qualified commercial property in a high seismic hazard zone1 was designed and built to achieve a reduction in the earthquake risks relative to code-designed buildings by minimizing building damage and promoting contingency planning for utility disruption and other threats to functional recovery that are described in the ,u4,s4 ,resiliency ,council ,rating ,system with specific design criteria achieving the ,platinum or ,gold rating1 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-- 7i7 the property is a building which-- 7,i7 was designed to meet the requirements of the most recent ,international ,residential ,code published by the ,international ,code ,council1 and received a ,,fortified ,roof1 ,,fortified ,silver1 or ,,fortified ,gold designation from the ,insurance ,institute for ,business and ,home ,safety1 or 7,,ii7 was designed to meet or exceed the requirements of the most recent ,standard for ,residential ,construction in ,high-,wind ,regions or ,international ,wildland ,urban ,interface ,code published by the ,international ,code ,council1 or 7ii7 in the case of a substantial renovation1 such renovation meets-- 7,i7 the requirements of the most recent ,international ,residential ,code published by the ,international ,code ,council and the requirements of the ,,fortified ,roof ,standards published by the ,insurance ,institute for ,business and ,home ,safety1 or 7,,ii7 the requirements of the most recent ,standard for ,residential ,construction in ,high-,wind ,regions or ,international ,wildland ,urban ,interface ,code published by the ,international ,code ,council4 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 4,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 section3 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 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 7#d7 ,most recent editions ,the term most recent means1 with respect to relevant national consensus-based codes1 and specifications and standards referenced therein1 either of the two most recent published editions1 including1 if any1 amendments made by ,state1 local1 tribal1 or territorial governments during the adoption process1 that incorporate the latest natural hazard-resistant designs and establish criteria for the design1 construction1 and maintenance of structures and facilities that may be eligible for assistance under this section for the purposes of protecting the health1 safety1 and general welfare of a building's users against disasters4 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 #bjbb4 4 7b7 ,credit ,made ,part of ,general ,business ,credit ,section #ch7;b7 of such ,code is amended by striking plus at the end of paragraph 7#ca71 by striking the period at the end of paragraph 7#cb7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#cc7 the portion of the disaster resilient property credit described in section #cj;,e7f77#a74 4 7c7 ,basis adjustment ,section #ajaf7;a7 of such ,code is amended by striking and at the end of paragraph 7#cg71 by striking the period at the end of paragraph 7#ch7 and inserting 1 and1 and by adding at the end the following new paragraph3 7#ci7 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 of occupancy is issued after the date of the enactment of this ,act4