California Congressmen Introduce Earthquake Mitigation Tax Incentives
A pair of Congressmen from California today introduced the Earthquake Mitigation Incentive and Tax Parity Act of 2017 to exclude incentives for residential seismic retrofits from federal taxation.
The act was introduced by Reps. Mike Thompson, D-St. Helena, and Paul Cook, R-Yucca Valley. These earthquake mitigation measures are already tax-free at the state level in California.
The California Earthquake Authority and the Governor’s Office of Emergency Services established the California Residential Mitigation Program to help residents protect their homes from earthquake damage. Their Earthquake Brace + Bolt program provides homeowners up to $3,000 toward a retrofit, which costs between $3,000 and $5,000 on average.
“The South-Napa earthquake damaged more than 1,500 homes in 2014, making it clear we need to do more to help residents prepare for disasters,” Thompson said in a statement. “These tax incentives will encourage homeowners to make the necessary retrofits to protect their homes—reducing damage from earthquakes, saving lives, and saving the government money in the long run. California has already seen the value of these retrofits, which is why they are exempt from state taxes. It is time for the federal government to follow suit.”
Related:
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- Earthquake Authority to Study Quake’s Impact on Napa Homes
- Napa Quake May Cost Up to $4 Billion as Wineries Shuttered
- Grants Now Available to Strengthen Older California Homes