WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Angus King (I-ME) introduced legislation to offer a disaster mitigation tax credit to working waterfronts located on the coasts and navigable waterways. The Working Waterfronts Disaster Mitigation Tax Credit Act would provide working waterfronts with a 30 percent tax credit on up to $1 million in mitigation expenses, adjusted for inflation annually.
“Let’s empower coastal businesses to invest in flood and disaster prevention before a storm hits,” said Dr. Cassidy. “Doing so protects our way of life, fishing and coastal industries, and the livelihoods of Louisiana families.”
“Maine’s coastal communities are changing. From a warming climate to an evolving economy, the Gulf of Maine faces both historic opportunities and challenges that will define our state’s success for generations,” said Senator King. “The Working Waterfronts Disaster Mitigation Tax Credit Act would provide working waterfronts up and down the coast of Maine with the necessary financial resources to adapt to the rapidly shifting dynamics of natural disasters affecting economic and tourism operations. Thanks to Senator Cassidy for working with me to ensure our waterfront businesses have the necessary tools and resources to thrive for years to come.”
This new legislation would ensure that working waterfront have the financial resources to shore up their infrastructure and prevent the oftentimes devastating consequences of natural disasters.
Working waterfronts are comprised of physical property (including support structures over water and other facilities) that provide access to navigable waters to persons engaged in commercial fishing, recreational fishing and boating businesses, boatbuilding, aquaculture, or other water-dependent business used for the purpose of supporting a water-dependent business. The tax credit would be available to any small business that operates a working waterfront. For example, a coastal business owner can use this tax credit to invest in business-related infrastructure to protect property so that it does not suffer damage from rising water and storms.
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