The Facilitating Increased Resilience, Environmental Weatherization And Lowered Liability (FIREWALL) Act

The bill would create a refundable tax credit for individuals who make qualified disaster mitigation expenditures on their principal residence, allowing a credit equal to 50% of such expenditures, subject to income-based phaseouts and lifetime limits. The credit applies to expenditures for strengthening homes against natural hazards like wildfires, hurricanes, floods, and windstorms, including structural improvements, protective systems, and hazard-reducing landscaping, but excludes any costs reimbursed by government entities. The credit is subject to inflation adjustments, documentation requirements, and rules preventing double benefits, and would apply to taxable years beginning after December 31, 2024.

No official summary is available here. This one was written by AI from the bill’s text.