Schiff proposes tax credit for families prepping their home for natural disasters

WASHINGTON - California Sen. Adam Schiff and Montana Sen. Tim Sheehy introduced a new bill on Tuesday that would give property owners a tax break for disaster preparation.

The "FIREWALL" Act would offer a tax credit for homeowners to upgrade their property to withstand natural disasters.

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What we know:

The senators introduced the Facilitating Increased Resilience, Environmental Weatherization and Lowered Liability Act on Tuesday. 

What does the tax credit cover?

The act would pay for 50% of up to $25,000 for home upgrades to help prevent disasters like wildfires or floods. Those upgrades include things like fire-resistant building materials or roofing, storm water barriers, air filtration, and vegetation removal, among others.

Who can receive the tax credit?

Dig deeper:

The 50% credit would be offered to families that make less than $200,000 a year. Under the FIREWALL Act, communities that have had a federally declared disaster in the last 10 years would be eligible. 

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In the announcement on Tuesday, the senators specifically mentioned communities in states like California, Montana, North Carolina and Florida, which are currently recovering from natural disasters like the Palisades and Eaton Fires in Southern California, and Hurricane Helene and Hurricane Melton in the southeastern U.S.

What they're saying:

"As California works to recover from the costliest natural disaster in its history, I’m proud that my first bill introduced in the Senate will help California communities and those in other disaster-prone states make the necessary upgrades that we know can reduce damage, prevent further devastation, and save lives," Schiff said in a press release.

By the numbers:

Schiff also argued that the bill would actually help save taxpayers money in the long run, citing a study by the National Institute of Building Sciences. According to their analysis, every federal dollar spent on mitigating the effects of natural disasters saves taxpayers approximately six dollars long term.