Working Waterfronts Disaster Mitigation Tax Credit Act Introduced in US Senate

Strategic Insights -

U.S. Senator Bill Cassidy, M.D. (R-LA) has introduced the Working Waterfronts Disaster Mitigation Tax Credit Act, aimed at providing financial resources to working waterfronts to shore up their infrastructure. The legislation, co-sponsored by Senators Angus King (I-ME) and Representatives Chellie Pingree (D-ME-01) and Greg Murphy (R-NC-03), aims to protect coastal businesses, fishing and coastal industries, and the livelihoods of Louisiana families. By offering a disaster mitigation tax credit to working waterfronts, the act seeks to empower coastal businesses to invest in flood and disaster prevention before a storm hits.

Key Takeaways:

  • The Working Waterfronts Disaster Mitigation Tax Credit Act aims to provide financial resources to working waterfronts to shore up their infrastructure.
  • The tax credit would be available to any small business that operates a working waterfront, allowing them to invest in business-related infrastructure to protect property from flooding and storms.
  • The legislation is co-sponsored by U.S. Senators Angus King (I-ME) and Representatives Chellie Pingree (D-ME-01) and Greg Murphy (R-NC-03).
  • Working waterfronts include physical property that provides access to navigable waters for commercial fishing, recreational fishing, boating businesses, boatbuilding, aquaculture, or other water-dependent businesses.
  • The tax credit would support small businesses operating on coasts and navigable waterways, protecting their livelihoods and the fishing and coastal industries.

Statistics:

  • [No statistics mentioned in the source]

Sources:

  • United States Senator for Louisiana Bill Cassidy
  • U.S. Senator Angus King (I-ME)
  • U.S. Representatives Chellie Pingree (D-ME-01)
  • U.S. Representative Greg Murphy (R-NC-03)