H.R.5839 - Disaster Savings and Resilient Construction Act of 2012

To amend the Internal Revenue Code of 1986 to provide a business tax credit for resilient construction. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide a business tax credit for resilient construction. as introduced.
  • Short: Disaster Savings and Resilient Construction Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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05/18/12
 
 
 
 
 
 
 

Sponsor

Representative

Geoff Davis

R-KY

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Official Summary

Disaster Savings and Resilient Construction Act of 2012 - Amends the Internal Revenue Code to allow a business-related tax credit for the cost of constructing commercial and residential buildings that comply with resilient construction requirements in a federally-declared major disaster are

Official Summary

Disaster Savings and Resilient Construction Act of 2012 - Amends the Internal Revenue Code to allow a business-related tax credit for the cost of constructing commercial and residential buildings that comply with resilient construction requirements in a federally-declared major disaster area. Defines \"resilient construction requirements\" as requirements that ensure that such buildings:
(1) can resist hazards brought on by a major disaster and can continue to provide their primary functions after a major disaster,
(2) can reduce the magnitude or duration of a disruptive event, and
(3) have the absorptive capacity, adaptive capacity, and recoverability to withstand a potentially disruptive event. Terminates such credit for any any property for which a certificate of occupancy is issued after December 31, 2015.

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