FOR IMMEDIATE RELEASE: October 2, 2024
CONTACT: Jo Knight, jo@conservefish.org

Legislation Would Provide Tax Credit for Disaster Mitigation Costs

Arlington, VA – Arlington, VA – Rep. Chellie Pingree (D-ME) and Rep. Greg Murphy (R-NC) introduced the “Working Waterfronts Disaster Mitigation Tax Credit Act,” which is a companion to legislation introduced by Senators Angus King (I-ME) and Bill Cassidy (R-LA) in August. This bill would allow working waterfronts to claim a 30 percent tax credit on disaster mitigation costs, up to $1 million, with annual adjustments for inflation. Robert C. Vandermark, executive director of the Marine Fish Conservation Network, released the following statement:

“With climate change generating natural disasters with greater intensity and frequency, Representatives Pingree and Murphy have introduced a bill that offers a lifeline for fishermen and other waterfront businesses confronted with the costs of rebuilding after such events. The Working Waterfronts Disaster Tax Credit Act will help support and sustain our nation’s working waterfronts and enable coastal businesses to better prepare for the challenges associated with climate change, such as rising sea levels and more frequent storms. The Marine Fish Conservation Network applauds this bi-partisan and bi-cameral effort to bolster the resiliency of working waterfronts and financially assist the small businesses and communities that create the backbone of our coastal economies.”

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The Marine Fish Conservation Network is a coalition of commercial and recreational fishing associations, regional and national conservation groups, aquaria, and marine science organizations committed to sustaining fish populations, healthy marine ecosystems, and robust fishing communities.