This bill, titled the "Working Waterfront Disaster Mitigation Tax Credit Act," proposes a new tax credit to encourage hazard mitigation efforts for certain businesses. It amends the Internal Revenue Code of 1986 to provide a credit equal to 30 percent of the qualified investment in a working waterfront disaster mitigation project. This credit is subject to a maximum of $300,000 per taxpayer, with an inflation adjustment mechanism beginning in 2027, and aggregation rules apply for related entities. To qualify, projects must be substantially designed in compliance with specified International Code Council building codes , such as the 2021 International Building Code for projects before 2032. These projects must be designed to prevent or mitigate damage from natural hazards through methods like structural elevation, flood risk reduction, shoreline stabilization, floodproofing, retrofitting, or warning systems. The eligible "working waterfront property" must be real property in the U.S. or its possessions, used by a taxpayer for an active trade or business that provides access to navigable waters for water-dependent activities like commercial fishing or boatbuilding. Furthermore, the trade or business operating on the working waterfront property must meet a gross receipts test , with average annual gross receipts not exceeding $47,000,000 over the preceding three taxable years, also subject to inflation adjustments. The bill includes provisions for the Secretary of the Treasury, in consultation with FEMA, to issue necessary regulations. The amendments made by this Act are set to apply to periods after December 31, 2025 .