Cassidy Introduces Tax Credit to Help Families and Small Businesses Prepare for Natural Disasters

WASHINGTON - U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Shelter Act to help families and small businesses protect their homes and properties from future natural disasters and combat rising insurance costs. The legislation would create a first-of-its-kind disaster mitigation tax credit for families and business owners in disaster-prone areas.

"Everybody in my state has lost someone or something they love because of flooding. This is another tool for families to minimize that loss,"said Dr. Cassidy.

The Shelter Act allows Americans to write off 25 percent of qualifying mitigation expenses, up to $3,750 per taxpayer, to help homes and businesses reinforce their properties against natural disasters such as flood, wildfire, hail, and wind. This would be the first-ever federal tax incentive to help families and businesses invest in disaster resilience and mitigation ahead of time, helping offset the hundreds of billions of taxpayer dollars spent on natural disaster recovery each year.

The Shelter Act is supported by: National Institute of Building Sciences, National Association of Realtors, National Association of Home Builders, Insurance Institute for Business & Home Safety, Federal Alliance for Safe Homes (FLASH), the American Property Casualty Insurance Association (APCIA), Reinsurance Association of America (RAA), and Satellite Condominiums LLC.Cassidy was joined by U.S. Senator Michael Bennet (D-CO) as well as U.S. Representatives Maria Salazar (R-FL-27) and Brittany Pettersen (D-CO-07) in introducing the legislation.

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