To amend the Internal Revenue Code of 1986 to provide a business tax credit for resilient construction.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Disaster Savings and Resilient Construction Act of 2012''.
SEC. 2. RESILIENT CONSTRUCTION TAX CREDIT.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 45R the following new section:
``SEC. 45S. RESILIENT CONSTRUCTION.
``(a) General Rule.--For purposes of section 38, in the case of an eligible contractor, the resilient construction credit for the taxable year is the applicable amount for each building-- ``(1) constructed by the eligible contractor in a disaster area determined as a result of a federally declared major disaster, ``(2) the construction of which began after the date of such disaster in that area, ``(3) which-- ``(A) in the case of qualified commercial property, is placed in service for commercial purposes, and ``(B) in the case of qualified residential property, is placed in service for residential purposes, and ``(4) for which a certificate of occupancy is issued before the end of the 2-year period beginning on the date of such disaster declaration in that area. ``(b) Applicable Amount.--For purposes of subsection (a), the applicable amount is: ``(1) Commercial property.--In the case of a qualified commercial property, the applicable amount is the lesser of-- ``(A)...