Earthquake Loss Reduction Act of 2001

The Earthquake Loss Reduction Act of 2001 was designed to provide financial incentives and federal support for earthquake preparedness and infrastructure safety. For homeowners, the bill would have offered a tax credit of up to $3,000 to cover half the costs of retrofitting a primary residence to better withstand seismic activity. Additionally, the legislation sought to establish a federal grant program to help local governments, hospitals, and universities fund the retrofitting of critical infrastructure and the development of disaster recovery plans. While the bill was introduced in the House of Representatives, it did not advance past the committee stage and never became law.