Install
Critical Businesses Preparedness Act
To amend the amend the Internal Revenue Code of 1986 to provide critical businesses with a tax credit for electric generators placed in service in certain high risk disaster areas.
- Introduced
- Committee
- Passed House
- Passed Senate
- To President
- Became law
Summary
Critical Businesses Preparedness Act
This bill establishes a new tax credit, as part of the general business tax credit, for a percentage of the costs for certain businesses that are critical in the aftermath of a flood or hurricane to purchase and install an electric generator.
Specifically, under the bill, hospitals, nursing homes, grocery stores, gas stations, and other businesses determined to be critical in the aftermath of a flood or hurricane are allowed a tax credit for 30% of the costs paid (or incurred) to purchase and install an electric generator in an area at high risk of flooding or hurricanes.
The bill requires taxpayers to reduce the basis (cost for federal tax purposes) of an electric generator by the amount for which the tax credit is claimed. Further, taxpayers may not claim other federal tax benefits in addition to the tax credit for the same electric generator expenses.
Summary by the Congressional Research Service, Library of Congress.
Actions
- May 21, 2025 Referred to the House Committee on Ways and Means.
- May 21, 2025 Introduced in House
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