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Tax Credit

A direct reduction in the amount of income tax owed, rather than a deduction from taxable income. It subtracts directly from the tax bill.

Working Waterfront Property

Land and buildings along the water that are actively used by businesses for activities dependent on access to water, such as fishing, aquaculture, or boat repair.

Hazard Mitigation

Actions taken to reduce or prevent the long-term risk and impact to people and property from natural hazards like floods, storms, and erosion.

Qualified Investment

The eligible costs of property, such as construction or equipment, that a business puts into service for a project that meets the specific requirements for a tax credit.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which includes all federal laws related to taxes.

Gross Receipts Test

A rule used to determine if a business qualifies for certain tax benefits, based on its total income from sales or services before expenses are subtracted. (The specific income threshold is not provided in this excerpt.)

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