The Facilitating Increased Resilience, Environmental Weatherization And Lowered Liability (FIREWALL) Act | ChamberLight
Bills · HR 6473
IN COMMITTEE· 119TH CONGRESS
House BillHR 6473Taxation
The Facilitating Increased Resilience, Environmental Weatherization And Lowered Liability (FIREWALL) Act
INTRO DEC 4· LAST ACTION DEC 4
READING
9MIN
COSPONSORS
1
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8
Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-written
Voters should care about this bill because natural disasters are becoming more frequent and severe, leading to immense property damage and financial strain on individuals and communities. This bill aims to make it more affordable for homeowners to take proactive steps to protect their homes before a disaster strikes, potentially saving lives, reducing property losses, and lessening the emotional toll.
If this bill becomes law, it could encourage more people to invest in home resilience, which could reduce the overall costs of disaster recovery for the federal government, insurance companies, and homeowners. If it doesn't pass, the financial burden of these critical upgrades will remain entirely on homeowners, potentially leading to less resilient housing stock and higher costs after disasters, relying more on emergency relief rather than prevention.
KEY PROVISIONS
5AI-extracted
PROVISION 01
Establishes a new refundable tax credit for individuals who make qualified disaster mitigation expenditures.
This makes the financial incentive accessible to homeowners even if they have little or no tax liability, encouraging broader participation.
PROVISION 02
The credit covers 50% of the costs for specific home improvements that protect against natural disasters.
It significantly reduces the out-of-pocket expense for homeowners, making essential home resilience upgrades more affordable.
PROVISION 03
Sets a maximum credit of $25,000 per taxpayer per year (or $12,500 for married filing separately), with a $25,000 limit per dwelling unit for joint occupancy.
This caps the federal financial contribution while still allowing for substantial investment in home safety and resilience.
PROVISION 04
Includes an income phase-out for the credit, starting at an Adjusted Gross Income (AGI) of $200,000 and fully phased out by $300,000.
This provision directs the benefit primarily towards middle and upper-middle income homeowners, rather than high-income earners.
PROVISION 05
Provides a comprehensive list of specific home improvements that qualify, such as strengthening roofs, installing storm shelters, flood vents, or fire-resistant materials.
This clearly defines what types of expenditures are eligible, guiding homeowners and ensuring funds are used for approved resilience measures.
Voters should care about this bill because natural disasters are becoming more frequent and severe, leading to immense property damage and financial strain on individuals and communities. This bill aims to make it more affordable for homeowners to take proactive steps to protect their homes before a disaster strikes, potentially saving lives, reducing property losses, and lessening the emotional toll.
If this bill becomes law, it could encourage more people to invest in home resilience, which could reduce the overall costs of disaster recovery for the federal government, insurance companies, and homeowners. If it doesn't pass, the financial burden of these critical upgrades will remain entirely on homeowners, potentially leading to less resilient housing stock and higher costs after disasters, relying more on emergency relief rather than prevention.
KEY PROVISIONS
AI-extracted
high
Establishes a new refundable tax credit for individuals who make qualified disaster mitigation expenditures.
This makes the financial incentive accessible to homeowners even if they have little or no tax liability, encouraging broader participation.
high
The credit covers 50% of the costs for specific home improvements that protect against natural disasters.
It significantly reduces the out-of-pocket expense for homeowners, making essential home resilience upgrades more affordable.
med
Sets a maximum credit of $25,000 per taxpayer per year (or $12,500 for married filing separately), with a $25,000 limit per dwelling unit for joint occupancy.
This caps the federal financial contribution while still allowing for substantial investment in home safety and resilience.
med
Includes an income phase-out for the credit, starting at an Adjusted Gross Income (AGI) of $200,000 and fully phased out by $300,000.
This provision directs the benefit primarily towards middle and upper-middle income homeowners, rather than high-income earners.
high
Provides a comprehensive list of specific home improvements that qualify, such as strengthening roofs, installing storm shelters, flood vents, or fire-resistant materials.
This clearly defines what types of expenditures are eligible, guiding homeowners and ensuring funds are used for approved resilience measures.
GLOSSARY
AI-written
Refundable Credit
A type of tax credit that can result in a tax refund even if the amount of the credit is greater than the amount of taxes owed. For example, if you owe $500 in taxes but get a $1,000 refundable credit, you would receive a $500 check back.
Disaster Mitigation Expenditures
Costs incurred by a homeowner to make improvements to their property that reduce the risk of damage from natural disasters like floods, fires, or strong winds.
Adjusted Gross Income (AGI)
Your gross income (total income from all sources) minus certain specific deductions, such as contributions to a traditional IRA or student loan interest. It's a key figure used to calculate eligibility for many tax credits and deductions.
Internal Revenue Code
The official set of laws that govern federal income tax in the United States, administered by the Internal Revenue Service (IRS).
Taxable Year
The annual period for which you file an income tax return, typically January 1st to December 31st for most individual taxpayers.
Dwelling Unit
A place where a person lives, such as a house, apartment, condominium, or mobile home.
Base Flood Elevation
ACTION TIMELINE
2 EVENTS
DEC 4, 25
Introduced in House
INTROREFERRAL
DEC 4, 25
Referred to the House Committee on Ways and Means.
The height to which floodwaters are predicted to rise during a specific type of flood, usually a 1-in-100-year flood, used as a standard for flood protection and building codes.
Ignition-resistant Construction Standards
Building requirements and materials designed to prevent a structure from catching fire or to slow the spread of fire, especially relevant in areas prone to wildfires.
