Introduced in May and sponsored by Rep. Geoff Davis (R-KY) and Rep. Mario Diaz-Balart (R-FL), the Disaster Savings and Resilient Construction Act of 2012 (H.R. 5839), would offer a tax credit of $3,000 for residential and $25,000 for commercial structures using resilient construction techniques. Specifically, structures would be eligible for the credit if they are built within a federally declared disaster zone up to two years following the occurrence of the disaster.

 

This legislation promotes investing in resilient construction in the wake of federal disasters and works to mitigate the impact of future disasters. Disasters in the United States are increasing in number and severity each year. Once a disaster strikes, we are faced with the task of rebuilding our communities so Americans can get back to work. In this challenging economic climate, we cannot afford a complete rebuild every time a disaster strikes. Resilient construction will help prevent future loss of lives, ease economic suffering, and reduce federal spending the next time a federal disaster is declared. A recent Congressional Budget Office analysis has found that where federal dollars are spent on pre-disaster mitigation programs, "on average, future losses are reduced by about $3 for every $1 spent on those projects..."