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Tax Credit

A direct reduction in the amount of income tax owed, rather than a deduction from taxable income. A credit reduces taxes dollar-for-dollar.

Hazard Mitigation

Actions taken to reduce or eliminate the long-term risk to human life and property from natural hazards like floods, storms, and erosion.

Working Waterfront Property

Real estate located on the water that is used by a business for water-dependent activities, such as commercial fishing, recreational boating, or boatbuilding.

Qualified Investment

The specific expenses or basis of property that are eligible to be counted towards calculating the tax credit.

Eligible Property

Tangible property (physical assets) that can be depreciated for tax purposes and is used in a qualifying mitigation project.

Aggregation Rules

Rules that treat multiple related businesses or entities as a single taxpayer for certain tax purposes, such as applying credit limits.

Cost-of-Living Adjustment

An increase in a dollar amount (like a tax credit limit) to keep pace with inflation, typically based on a consumer price index.