U.S. Senator Bill Cassidy (R-LA) has introduced the Shelter Act, a bill aimed at helping families and small businesses prepare for natural disasters and address rising insurance costs. The legislation proposes a disaster mitigation tax credit that would allow individuals and business owners in areas prone to disasters to write off 25 percent of qualifying expenses, up to $3,750 per taxpayer.
“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 tax credit would be available for measures taken to reinforce properties against risks such as floods, wildfires, hail, and wind. According to supporters of the bill, this is the first federal incentive designed specifically to encourage proactive investment in disaster resilience and mitigation before events occur.
The Shelter Act has received backing from organizations including the 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), American Property Casualty Insurance Association (APCIA), Reinsurance Association of America (RAA), and Satellite Condominiums LLC.
Senator Michael Bennet (D-CO) joined Cassidy in introducing the legislation in the Senate. U.S. Representatives Maria Salazar (R-FL-27) and Brittany Pettersen (D-CO-07) are supporting it in the House.
Cassidy represents Louisiana in the U.S. Senate and won election to that office in 2014 after serving in both the U.S. House for Louisiana’s 6th Congressional District and the Louisiana State Senate (official website). Before entering politics, he worked as a physician and educator at Louisiana State University Medical School (official website). He currently serves as chairman of the Senate Committee on Health, Education, Labor and Pensions (official website).
