H.R. 012/SB. 3 | Immediate Disaster Relief and Recovery Appropriations Act

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IN THE SENATE OF THE UNITED STATES

Mr. KOENIG of FLORIDA and Mr. COLEMAN of COLORADO, for themselves and the PRESIDENT and VICE PRESIDENT of the UNITED STATES, introduced the following bill

A BILL

To appropriate funds for disaster relief, recovery efforts, and infrastructure rehabilitation in response to the recent storm damage affecting the State of Tennessee, and for other purposes.

SECTION 1. SHORT TITLE.

This Act may be cited as the "Immediate Disaster Relief and Recovery Appropriations Act".

SEC. 2. FINDINGS.

Congress finds the following:

(1) A severe storm has caused extensive damage in the State of Tennessee, particularly in the cities of Brentwood, Smyrna, and Nashville.

(2) The storm resulted in widespread power outages, destruction of residential and commercial properties, and damage to critical infrastructure, including sections of Interstate 65 (I-65) and Interstate 24 (I-24).

(3) The Grand Falls Dam has sustained significant damage to its spillway and embankment, posing potential risks to surrounding communities.

(4) Small businesses in the affected areas have suffered substantial losses, impacting local economies and employment.

(5) Immediate action is necessary to provide relief to affected individuals and businesses, repair damaged infrastructure, and mitigate environmental hazards.

SEC. 3. APPROPRIATIONS FOR DISASTER RELIEF AND RECOVERY.

(a) Residential and Commercial Damage Assistance. There is appropriated, out of any money in the Treasury not otherwise appropriated, $5,000,000,000 for the Department of Housing and Urban Development (HUD) to provide grants and financial assistance for the repair, rehabilitation, and reconstruction of residential and commercial properties damaged by the storm.

(b) Small Business Assistance. There is appropriated, out of any money in the Treasury not otherwise appropriated, $1,000,000,000 for the Small Business Administration (SBA) to provide low-interest disaster loans, grants, and other financial assistance to small businesses affected by the storm to aid in recovery, rebuilding, and economic stabilization.

(c) Public Infrastructure Repairs. There is appropriated, out of any money in the Treasury not otherwise appropriated, $3,000,000,000 for the Department of Transportation and other relevant agencies to repair and reconstruct public infrastructure, including highways, bridges, public buildings, and utilities affected by the storm.

(d) Grand Falls Dam Repairs. There is appropriated, out of any money in the Treasury not otherwise appropriated, $1,000,000,000 for the Army Corps of Engineers to repair and reinforce the Grand Falls Dam, including its spillway and embankment, to prevent potential flooding and ensure structural integrity.

(e) Operational Costs for Disaster Response. There is appropriated, out of any money in the Treasury not otherwise appropriated, $500,000,000 for the Federal Emergency Management Agency (FEMA) to cover operational costs associated with emergency response, including deployment of personnel, equipment, and resources to affected areas.

(f) Community and Healthcare Support Services. There is appropriated, out of any money in the Treasury not otherwise appropriated, $500,000,000 for the Department of Health and Human Services to provide community support and healthcare services, including temporary housing, medical assistance, mental health services, and support for displaced individuals.

(g) Environmental and Hazard Mitigation. There is appropriated, out of any money in the Treasury not otherwise appropriated, $500,000,000 for the Environmental Protection Agency and other relevant agencies to conduct environmental cleanup, remove debris, and implement hazard mitigation measures to reduce the risk of future disasters.

SEC. 4. SMALL BUSINESS ASSISTANCE PROGRAMS.

(a) Disaster Loans and Grants. The SBA shall provide low-interest disaster loans and grants to eligible small businesses affected by the storm for purposes including but not limited to:

(1) Repairing or replacing damaged real estate, machinery, equipment, inventory, and other business assets.

(2) Covering operating expenses that could have been met had the disaster not occurred.

(3) Implementing measures to prevent future damage from similar disasters.

(b) Eligibility Criteria. To be eligible for assistance under this section, a small business must:

(1) Be located within the areas declared as disaster zones due to the storm.

(2) Have sustained substantial economic injury or physical damage as a direct result of the storm.

(3) Meet the SBA's size standards for a small business.

(c) Application Process. The SBA shall establish an expedited application process for disaster assistance, ensuring that funds are disbursed promptly to qualifying businesses.

(d) Outreach and Support. The SBA shall conduct outreach programs to inform affected small businesses about available assistance and provide support in the application process.

SEC. 5. ADMINISTRATION AND OVERSIGHT.

(a) Fund Allocation and Disbursement. The funds appropriated under this Act shall be allocated and disbursed by the respective agencies in an expedited manner to address immediate needs.

(b) Coordination Among Agencies. Federal agencies receiving funds under this Act shall coordinate with state and local governments to ensure efficient use of resources and avoid duplication of efforts.

(c) Transparency and Accountability. Agencies shall establish transparent processes for fund distribution and shall be accountable for the effective use of appropriated funds.

(d) Return of Unused Funds. Any funds appropriated by this Act that remain unexpended upon the completion of the authorized activities shall be returned to the Treasury of the United States.

SEC. 6. REPORTING REQUIREMENTS.

(a) Initial Report. Within 90 days of enactment of this Act, each agency receiving funds shall submit a report to Congress detailing the plans for the use of funds.

(b) Quarterly Reports. Agencies shall provide quarterly reports to Congress on the expenditure of funds, progress of projects, and outcomes achieved.

(c) Final Report. Upon completion of the funded activities, agencies shall submit a final comprehensive report to Congress summarizing the use of funds, the impact on disaster relief and recovery efforts, and the amount of any unexpended funds returned to the Treasury.

SEC. 7. EMERGENCY DESIGNATION.

Congress designates the amounts provided in this Act as emergency requirements pursuant to section 251(b)(2)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985.

SEC. 8. REFUNDABLE TAX CREDIT FOR STORM SHELTERS. (from Mrs. Trujillo Kahiona of Hawaii)

(a) In general.—Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36 the following new section:

“SEC. 36A. Storm shelter credit.

“(a) Allowance of credit.—In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the lesser of—

“(1) the total amount of any expenditures made by the taxpayer for a storm shelter which is for use at a qualified residence and placed in service during such taxable year, or

“(2) $2,500.

“(b) Definitions.—In this section—

“(1) QUALIFIED RESIDENCE.—

“(A) IN GENERAL.—The term ‘qualified residence’ means a dwelling unit which is—

“(i) located in the United States, United States Territories and United States Commonwealths

“(ii) used as the principal residence (as such term is used in section 121) of the taxpayer, and

“(iii) valued at not greater than $400,000 (as determined under subparagraph (B)).

“(B) VALUATION.—For purposes of subparagraph (A)(iii), the value of a dwelling unit shall be determined based upon the most recent property tax assessment performed by the State, or local government or a political subdivision thereof, in which such unit is located.

“(2) STORM SHELTER.—The term ‘storm shelter’ means a hardened structure which—

“(A) is designed to provide critical protection during extreme wind events,

“(B) is internally or externally located in relation to the qualified residence, and

“(C) has been certified by an inspector employed or licensed by the State, or local government or a political subdivision thereof, in which the qualified residence is located as—

“(i) satisfying the requirements under subparagraph (A), and

“(ii) having been constructed in compliance with any applicable building code requirements.

“(c) Related costs.—Expenditures incurred by the taxpayer for—

“(1) any labor costs properly allocable to the onsite preparation, assembly, or original installation of the storm shelter, and

“(2) the certification described in subsection (b)(2)(C),

shall be taken into account for purposes of subsection (a)(1).

“(d) Limitation.—

“(1) IN GENERAL.—Subject to paragraph (2), an individual may not claim the credit allowed under subsection (a) more than once.

“(2) JOINT RETURN.—In the case of a joint return, the taxpayer may claim the credit allowed under subsection (a) unless the credit has previously been allowed to each individual filing such return.

“(e) Basis adjustments.—For purposes of this subtitle, if a credit is allowed under this section for any expenditure with respect to a storm shelter which is for use at a qualified residence, the increase in the basis of the qualified residence which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed.”.

(b) Conforming amendments.—

(1) Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by inserting “36A,” after “36,”.

(2) The table of sections for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 36 the following new item:

“Sec. 36A. Storm shelter credit.”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

SEC. 9. EFFECTIVE DATE.

This Act shall take effect immediately upon enactment.

 

PES of Section 8: This bill establishes a one-time refundable tax credit of up to $2,500 for the costs of installing a storm shelter to be used at a taxpayer's principal residence. To qualify for the credit, the residence may not be valued at more than $400,000.

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Mr. President, this legislation has passed the House and the Senate and is presented for your signature or veto.

[TexAgRepublican]

/s/ Kyle Van Horn

President of the United States