What does Preamble of Critical Businesses Preparedness Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment would provide a tax credit to critical businesses. The tax credit applies to electric generators placed in service in certain high-risk disaster areas.

What does SHORT TITLE. of Critical Businesses Preparedness Act do?

This Act is formally titled the 'Critical Businesses Preparedness Act'.

What does CREDIT FOR ELECTRIC GENERATORS PLACED IN SERVICE BY CRITICAL of Critical Businesses Preparedness Act do?

This section amends the Internal Revenue Code to create a new tax credit for qualified disaster preparedness electric generator expenses. The credit is equal to 30 percent of these expenses for 'specified taxpayers'. A 'specified taxpayer' is a trade or business, determined by the Secretary in consultation with FEMA, that is critical in the aftermath of a flood or hurricane, including hospitals, nursing homes, grocery stores, and gas stations. Qualified expenses include the purchase and installation of electric generators placed in service in a 'high risk disaster area', also determined by the Secretary and FEMA. The denial of double benefit provision prevents taxpayers from taking both a deduction or credit and the tax credit for the same expenses. The credit is part of the general business credit. The amendments apply to amounts paid or incurred after the date of enactment of this Act.

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Critical Businesses Preparedness Act

Last updated: 5/21/2025 · Introduced: 5/21/2025

Author: Morgan Luttrell (R-TX)

TL;DR (AI)

This bill establishes a new tax credit equal to 30% of qualified expenses for critical businesses purchasing and installing electric generators in high-risk disaster areas.
Critical businesses are defined as those essential for recovery after floods or hurricanes, such as hospitals, nursing homes, grocery stores, and gas stations, as determined by the Secretary and FEMA.
The tax credit applies to expenses paid or incurred after the bill's enactment and is claimed as part of the general business credit.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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