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Tax Credit

A direct reduction in the amount of tax owed. Unlike a deduction, which reduces taxable income, a credit directly reduces the tax bill dollar-for-dollar.

Nonrefundable Credit

A tax credit that can reduce a person's tax liability to zero, but if the credit amount is more than the tax owed, the taxpayer does not receive the difference back as a refund.

Disaster Mitigation Expenditures

Money spent on specific improvements or services to a home that are designed to reduce damage or loss from natural disasters like floods, hurricanes, wildfires, or earthquakes.

Adjusted Gross Income (AGI)

A person's total gross income minus specific deductions allowed by the IRS. It's a key figure used to determine eligibility for many tax credits and deductions.

Dwelling Unit

Refers to a single housing unit, like a house, apartment, condominium, or mobile home, where a person lives. For this bill, it specifically refers to a taxpayer's primary residence.

Internal Revenue Code of 1986

The primary body of federal tax law in the United States, which the Internal Revenue Service (IRS) enforces. This bill amends a part of this code.