Lawmakers write tax credit for sound residential, commercial construction

Source: National Ready Mixed Concrete Association, Silver Spring, Md.

NRMCA is part of a broad coalition supporting the Disaster Savings and Resilient Construction Act of 2012 (H.R. 5839), recently introduced in the U.S. House by Rep. Geoff Davis (R-KY) and Rep. Mario Diaz-Balart (R-FL).

The legislation would offer $3,000 and $25,000 tax credits, respectively, for residential and commercial structures meeting the 2009 or later International Building Code and receiving the Insurance Institute for Business and Home Safety of FORTIFIED for Safer Living/Business designation. The credit would apply to structures built within a federally declared disaster zone up to two years following a triggering event.

“When communities are built to resilient, robust standards, we help to ensure that the places where we live, learn, work, worship and play are safe and sustainable,” says NRMCA President Robert Garbini. “We applaud Representatives Davis and Diaz-Balart for their leadership on this issue.”

Resilient construction will help prevent future loss of lives, ease economic suffering, and reduce federal spending the next time a federal disaster is declared, Disaster Savings proponents note. A recent Congressional Budget Office analysis has found that where federal dollars are spent on pre-disaster mitigation programs, “on average, future losses are reduced by about $3 for every $1 spent on those projects.”