A proposed tax credit could help homeowners hit by climate-fueled natural disasters
Two U.S. senators introduced a bill Tuesday that aims to minimize damage to homes and communities from floods, wildfires and other natural disasters through a federal tax credit.
Two U.S. senators introduced a bill Tuesday that aims to minimize damage to homes and communities from floods, wildfires and other natural disasters through a federal tax credit.
The legislation, from Sens. Adam Schiff, D-Calif., and Tim Sheehy, R-Mont., would create a tax credit to reimburse people for retrofitting their homes with upgraded protections against major disasters, including hurricanes and wildfires.
The bipartisan bill — known as the Facilitating Increased Resilience, Environmental Weatherization And Lower Liability Act, or Firewall Act — seeks to build resilience in communities across the country, particularly as climate change increases both the frequency and intensity of floods, hurricanes and other disasters.
“I wanted to introduce a bill as my first bill that deals with the tragic fires in Southern California, which are an order of magnitude unlike anything we’ve seen in terms of fire-related catastrophes,” Schiff told NBC News.
Schiff said the bill is also one possible solution to the country’s growing insurance crisis, as insurance providers back out of certain markets or refuse to write new policies in hurricane-prone states like Florida or states at high risk of wildfires like California.
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