Central Louisiana News

U.S. Senators Bill Cassidy (R-LA) and Angus King (I-ME) have introduced legislation aimed at providing a disaster mitigation tax credit to working waterfronts located on coasts and navigable waterways. The proposed bill, titled the Working Waterfronts Disaster Mitigation Tax Credit Act, would offer a 30 percent tax credit on up to $1 million in mitigation expenses, adjusted annually for inflation.

“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.”

“Maine’s coastal communities are changing. From a warming climate to an evolving economy, the Gulf of Maine faces both historic opportunities and challenges that will define our state’s success for generations,” said Senator King. “The Working Waterfronts Disaster Mitigation Tax Credit Act would provide working waterfronts up and down the coast of Maine with the necessary financial resources to adapt to the rapidly shifting dynamics of natural disasters affecting economic and tourism operations. Thanks to Senator Cassidy for working with me to ensure our waterfront businesses have the necessary tools and resources to thrive for years to come.”

The legislation aims to ensure that working waterfronts have the financial resources needed to reinforce their infrastructure against natural disasters' often devastating consequences.

Working waterfronts include physical properties such as 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 enterprises. The tax credit would be available to any small business operating a working waterfront. For instance, a coastal business owner could use this tax credit to invest in infrastructure improvements that protect property from damage caused by rising water levels and storms.