Federal Legislators Approve Resilient Construction Tax Credit Revisions
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Key congressional offices last week approved revisions to NRMCA’s longstanding priority legislation, the Disaster Savings and Resilient Construction Act, which provides federal tax credits to property owners who rebuild after a natural disaster with resilient construction. At the beginning of the 116th Congress, NRMCA, in consultation with the Insurance Institute for Business and Home Safety (IBHS), began updating the standards referred to in the legislation. Previous sponsors of the bill, including House Transportation and Infrastructure Committee Chairman Peter DeFazio, worked with NRMCA on additional changes, and NRMCA’s codes and standards team reviewed and made additional recommendations.
The result is an improved and expanded bill that now makes available tax credits for rebuilding to resilient standards after wildfires and earthquakes. NRMCA is now awaiting word from sponsors on when the bill will be introducted and is preparing to push for cosponsors before the end of the year.
For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.
