Search Results: keywords:"gross receipts test"

  • H. R. 9909 — To amend the Internal Revenue Code of 1986 to provide a credit for hazard mitigation projects in connection with certain working waterfront property.
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    Status:Introduced in House
    Words:2,304

    H.R. 9909, known as the "Working Waterfront Disaster Mitigation Tax Credit Act," aims to amend the Internal Revenue Code of 1986. It introduces a tax credit for hazard mitigation projects associated with certain working waterfront properties. The bill allows a 30% tax credit on qualified...

    Simple Explanation

    H.R. 9909 is a bill that wants to help protect places near the water, like where people fish or build boats, by giving them a bit of money back when they make their buildings safer. It gives them a 30% discount, like a coupon, but only up to $300,000, to fix things like flooding or the edges of the shore.

  • S. 4871 — To amend the Internal Revenue Code of 1986 to provide a credit for hazard mitigation projects in connection with certain working waterfront property.
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    Status:Introduced in Senate
    Words:2,306

    The bill, titled the "Working Waterfront Disaster Mitigation Tax Credit Act," aims to amend the Internal Revenue Code of 1986. It proposes a 30% tax credit for investments in hazard mitigation projects related to working waterfront properties, with a maximum limit of $300,000 per taxpayer....

    Simple Explanation

    This bill wants to help people who own boats or work by water places by giving them special money back, called a tax credit, to make their places safer from storms. They can get back 30% of the money they spend, but there are some rules and limits on how much they can get back.