,,ii #aah? ,,congress #b;d ,session ,s4 #dhga ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #ca1 #bjbd,mr4 ,k+ 7= himself & ,mr4 ,cassidy7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide a cr$it = haz>d mitigation projects 9 connection ) c]ta9 work+ wat]front prop]ty4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,work+ ,wat]front ,disa/] ,mitigation ,tax ,cr$it ,act4 #b4 ,work+ wat]front disa/] mitigation project cr$it 7a7 ,9 g5]al ,subp>t ,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #dh;,e ! foll[+ new section3 #dh;,f4 ,work+ wat]front disa/] mitigation project cr$it 7a7 ,9 g5]al ,= purposes ( section #df1 ! work+ wat]front disa/] mitigation project = any taxable ye> is an am\nt equal to #cj p]c5t ( ! qualifi$ inve/m5t = su* taxable ye>4 7b7 ,limitations 7#a7 ,doll> limitation 7,a7 ,9 g5]al ,! am\nt ( ! cr$it all[$ "u ?is section ) respect to any taxpay] %all n exce$ #cjj1jjj4 7,b7 ,aggregation rules ,all taxpay]s treat$ z a s+le employ] "u subsection 7a7 or 7b7 ( section #eb or subsection 7m7 or 7o7 ( section #dad %all be treat$ z a s+le taxpay] = purposes ( subp>agraph 7,a74 7,c7 ,inflation adju/m5t ,9 ! case ( any taxable ye> beg9n+ aft] ,decemb] #ca1 #bjbe1 ! #cjj1jjj doll> am\nt 9 subp>agraph 7,a7 %all be increas$ by an am\nt equal to-- 7i7 su* doll> am\nt1 multipli$ by 7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s1 by sub/itut+ cal5d> ye> #bjbd = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,if any am\nt z increas$ "u ! prec$+ s5t5ce is n a multiple ( #aj1jjj1 su* am\nt %all be r\nd$ to ! ne>e/ multiple ( #aj1jjj4 7#b7 ,"t limitation ,no cr$it %all be all[$ to a taxpay] = a taxable ye> if su* taxpay] has be5 all[$ a cr$it "u ?is section 7o!r ?an qualifi$ progress exp5ditures all[$ "u subsection 7c77#c77 = any taxable ye> 9 ! #aj-ye> p]iod end+ ) ! la/ day ( su* taxable ye>4 7c7 ,qualifi$ inve/m5t 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! qualifi$ inve/m5t = any taxable ye> is ! basis ( eligible prop]ty plac$ 9 s]vice by ! taxpay] dur+ su* taxable ye> :i* is "p ( a qualify+ work+ wat]front disa/] mitigation project4 7#b7 ,eligible prop]ty ,= purposes ( ?is subsection1 ! t]m eligible prop]ty means prop]ty-- 7,a7 :i* is tangible prop]ty1 7,b7 ) respect to :i* depreciation 7or amortization 9 lieu ( depreciation7 is all[able1 & 7,c7 :i* is-- 7i7 con/ruct$1 recon/ruct$1 or erect$ by ! taxpay]1 or 7ii7 acquir$ by ! taxpay] if ! orig9al use ( su* prop]ty comm5ces ) ! taxpay]4 7#c7 ,c]ta9 qualifi$ progress exp5ditures rules made applicable ,rules simil> to ! rules ( subsections 7c77#d7 & 7d7 ( section #df 7z 9 effect on ! day be=e ! enactm5t ( ! ,rev5ue ,reconciliation ,act ( #aiij7 %all apply = purposes ( ?is section4 7#d7 ,coord9ation ) rehabilitation cr$it ,! qualifi$ inve/m5t ) respect to any qualify+ work+ wat]front disa/] mitigation project = any taxable ye> %all n include t portion ( ! basis ( any project :i* is attributable to qualifi$ rehabilitation exp5ditures 7z def9$ 9 section #dg7;c77#b774 7d7 ,qualify+ work+ wat]front disa/] mitigation project ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualify+ work+ wat]front disa/] mitigation project means any project-- 7,a7 :i* is sub/antially design$ 9 compliance )-- 7i7 9 ! case ( any project plac$ 9 s]vice be=e ,janu>y #a1 #bjcb1 ! #bjba ,int]national ,code ,c\ncil ,int]national ,build+ ,code1 & 7ii7 9 ! case ( any project plac$ 9 s]vice on or aft] su* date1 ! mo/ rec5t applicable ,int]national ,code ,c\ncil model code :i* has be5 affirm$ by ! ,secret>y = purposes ( ?is section n lat] ?an #e ye>s be=e ! date su* project is plac$ 9 s]vice1 & 7,b7 :i* design$ to prev5t or mitigate damage to work+ wat]front prop]ty f natural haz>ds us+ "o or m ( ! foll[+3 7i7 ,/ructural elevation ,! elevation ( cont9u\s f\ndation walls1 ! elevation ( /ructures on op5 f\ndations 7su* z piles1 pi]s1 po/s or columns71 ! elevation ( /ructures on fill1 ! conv]sion ( ! second /ory1 & o!r me?ods involv+ /ructural elevation z ! ,secret>y may prescribe4 7ii7 ,flood risk r$uction ,/ormwat] managem5t 7includ+ ! con/ruction1 in/allation or modification ( culv]ts1 dra9age pipes1 pump+ /ations1 floodgates1 bioswales1 det5tion & ret5tion bas9s1 & o!r /ormwat] managem5t facilities71 flood div]sion & /orage measures1 slope /abilization or grad+ to direct flood wat]s away f bus9esses1 flood protection measures = wat] & sanit>y sew] sy/ems or o!r utility sy/ems1 vegetation managem5t = %orel9e /abilization 7coa/al1 riv]9e1 rip>ian & o!r littoral zones71 flood protection & /abilization measures = roads & bridges1 & su* o!r flood risk r$uction me?ods z ! ,secret>y may prescribe4 7iii7 ,%orel9e /abilization ,r$uc+ ! risk to /ructures or infra/ructure f erosion & l&slides 7includ+ ?r\gh ! in/allation ( geosyn!tics1 surface & subsurface dra9age1 /abiliz+ sod1 & vegetative buff] /rips71 pres]v+ mature vegetation1 decreas+ slope angles1 /abiliz+ ) riprap & o!r means ( slope an*or+1 & o!r %orel9e /abilization me?ods z ! ,secret>y may prescribe4 7iv7 ,floodpro(+ ,creat+ a space t is protect$ by walls t are sub/antially imp]meable & resi/ant to flood loads1 ! use ( flood-damage-resi/ant mat]ials & con/ruction te*niques to m9imize flood damage to areas bel[ ! flood protection level ( a /ructure4 7v7 ,retr(itt+ ,*anges made to an exi/+ /ructure to r$uce or elim9ate ! possibility ( damage to t /ructure f flood+1 erosion1 extreme temp]atures1 high w9ds1 or o!r haz>ds4 7vi7 ,w>n+ sy/ems ,equipm5t & sy/ems to w>n resid5ts ( imp5d+ haz>ds 7includ+ enhanc$ or rev]s$ #iaa sy/ems71 wea!r /ations1 ra9 gauges1 flood al>ms1 & su* o!r w>n+ sy/ems z ! ,secret>y may prescribe4 7#b7 ,work+ wat]front prop]ty ,! t]m work+ wat]front prop]ty means real prop]ty-- 7,a7 :i* is locat$ )9 ! ,unit$ ,/ates or a possession ( ! ,unit$ ,/ates1 & 7,b7 :i* is us$ by ! taxpay] to c>ry on an active trade or bus9ess-- 7i7 :i* meets ! gross receipts te/ ( p>agraph 7#c71 & 7ii7 :i*-- 7,i7 provides access to navigable wat]s to p]sons engag$ 9 comm]cial fi%+1 recreational fi%+ & boat+1 boatbuild+1 aquaculture1 dr$g+1 or o!r wat]-dep5d5t activities1 & 7,,ii7 is us$ = or supports activities describ$ 9 subclause 7,i74 7#c7 ,gross receipts te/ 7,a7 ,9 g5]al ,a trade or bus9ess meets ! gross receipts te/ ( ?is p>agraph if ! av]age annual gross receipts ( su* trade or bus9ess = ! #c-taxable-ye> p]iod prec$+ su* taxable ye> does n exce$ #dg1jjj1jjj4 7,b7 ,aggregation rules ,all trades or bus9ess ( a taxpay] t are treat$ z a s+le employ] "u subsection 7a7 or 7b7 ( section #eb or subsection 7m7 or 7o7 ( section #dad %all be treat$ z "o trade or bus9ess = purposes ( subp>agraph 7,a74 7,c7 ,o!r rules ,rules simil> to ! rules ( section #ddh7;c77#c7 %all apply = purposes ( ?is p>agraph4 7,d7 ,inflation adju/m5t ,9 ! case ( any taxable ye> beg9n+ aft] ,decemb] #ca1 #bjbe1 ! doll> am\nt 9 subp>agraph 7,a7 %all be increas$ by an am\nt equal to-- 7i7 su* doll> am\nt1 multipli$ by 7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s1 by sub/itut+ cal5d> ye> #bjbd = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,if any am\nt z increas$ "u ! prec$+ s5t5ce is n a multiple ( #a1jjj1jjj1 su* am\nt %all be r\nd$ to ! ne>e/ multiple ( #a1jjj1jjj4 7e7 ,regulations ,! ,secret>y1 9 consultation ) ! ,adm9i/rator ( ! ,f$]al ,em]g5cy ,managem5t ,ag5cy1 %all issue su* regulations or o!r guidance z may be necess>y or appropriate to c>ry out ! purposes ( ?is section4 4 7b7 ,inclusion 9 inve/m5t cr$it ,section #df ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( p>agraph 7#f71 by /rik+ ! p]iod at ! end ( p>agraph 7#g7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new p>agraph3 7#h7 ! work+ wat]front disa/] mitigation project cr$it4 4 7c7 ,con=m+ am5dm5ts 7#a7 ,section #di7;a77#a77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( clause 7vii71 by /rik+ ! p]iod at ! end ( clause 7viii7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+3 7ix7 ! basis ( any prop]ty :i* is "p ( a qualify+ work+ wat]front disa/] mitigation project 7z def9$ 9 section #dh;,f7d77#b774 4 7#b7 ,section #ej7;a77#b77;,e7 ( su* ,code is am5d$ by /rik+ or #dh;,e7e7 & ins]t+ #dh;,e7e71 or #dh;,f7c77#b74 7#c7 ,! table ( sections = subp>t ,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #dh;,e ! foll[+ new item3 ,sec4 #dh;,f4 ,work+ wat]front disa/] mitigation project cr$it4 4 7d7 ,treatm5t ( possessions 7#a7 ,paym5ts to possessions ) mirror code tax sy/ems ,! ,secret>y ( ! ,treasury %all pay to ea* possession ( ! ,unit$ ,/ates :i* has a mirror code tax sy/em am\nts equal to ! loss 7if any7 to t possession by reason ( ! am5dm5ts made by ?is section4 ,su* am\nts %all be det]m9$ by ! ,secret>y ( ! ,treasury bas$ on in=mation provid$ by ! gov]nm5t ( ! respective possession4 7#b7 ,paym5ts to o!r possessions ,! ,secret>y ( ! ,treasury %all pay to ea* possession ( ! ,unit$ ,/ates :i* does n h a mirror code tax sy/em am\nts e/imat$ by ! ,secret>y ( ! ,treasury z be+ equal to ! aggregate b5efits 7if any7 t w\ld h be5 provid$ to resid5ts ( su* possession by reason ( ! am5dm5ts made by ?is section if a mirror code tax sy/em _h be5 9 effect 9 su* possession4 ,! prec$+ s5t5ce %all n apply unless ! respective possession has a plan1 :i* has be5 approv$ by ! ,secret>y ( ! ,treasury1 "u :i* su* possession w promptly di/ribute su* paym5ts to its resid5ts4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to p]iods aft] ,decemb] #ca1 #bjbd1 9 taxable ye>s end+ aft] su* date1 "u rules simil> to ! rules ( section #dh7m7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7z 9 effect on ! day be=e ! date ( ! enactm5t ( ! ,rev5ue ,reconciliation ,act ( #aiij74