Cassidy Introduces Legislation to Offer TAX Credits to Working Waterfronts at RISK of Natural Disaster Damage

WASHINGTON –U.S. Senator Bill Cassidy, M.D. (R-LA) introduced theWorking Waterfronts Disaster Mitigation Tax Credit Actto ensure that working waterfronts have the financial resources to shore up their infrastructure by offering a disaster mitigation tax credit to working waterfronts located on coasts and navigable waterways.
“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.”
Cassidy was joined by U.S. Senator Angus King (I-ME) and U.S. Representatives Chellie Pingree (D-ME-01) and Greg Murphy (R-NC-03) in introducing the legislation.
Background
Working waterfronts are comprised of physical property, including support structures over water and other facilities, that provide access to navigable waters for commercial fishing, recreational fishing, 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 flooding and storms.
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