Press Democrat: Rep. Mike Thompson introduces tax exemption bill for seismic retrofit
Bill Swindell | The Press Democrat
Rep. Mike Thompson, D-St. Helena, introduced a bill Wednesday that would exempt measures for residential seismic retrofits from federal tax.
The cost of earthquake mitigation efforts are already tax-free at the state level in California. The state also has an Earthquake Brace + Bolt program that provides homeowners up to $3,000 toward a retrofit through a lottery system. But that reward is taxed by the federal government.
“The South-Napa earthquake damaged more than 1,500 homes in 2014, making it clear we need to do more to help residents prepare for disasters,” said Thompson in a statement. He is a member of the House Ways and Means Committee, which oversees tax laws.