Summary
National Earthquake Preparedness, Response, and Recovery Act - Amends the Homeland Security Act of 2002 to require the Under Secretary for Emergency Preparedness and Response and the Director of the Federal Emergency Management Agency (FEMA) to meet the qualification requirements for their position by virtue of their emergency management experience, educational background, training, and professional contributions.
Amends the Internal Revenue Code to allow a nonrefundable personal credit of 50% of up to $6,000 of qualified seismic retrofit expenses (principal residence earthquake retrofit expenses). Authorizes the issuance of qualified seismic retrofitting bonds. Provides an exemption from passive activity loss restrictions for seismic retrofitting activity.
Amends the Earthquake Hazards Reduction Act of 1977 to authorize the FEMA Director to establish a grant program to provide financial assistance to certain local governments, public or nonprofit private hospitals, or public institutions of higher education for earthquake disaster mitigation and recovery planning measures (including retrofitting and disaster recovery plans) with respect to critical facilities and public infrastructures. Establishes the Loss Reduction Trust Fund for grant payments.
Expresses the sense of Congress that the Advanced National Seismic System should be funded at its authorization level in order to achieve the goal of deploying a nationwide network of over 7,000 earthquake sensor systems serving the entire United States and providing dense coverage in 26 at-risk urban areas.
Lifecycle of the Bill
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