This legislation aims to provide financial incentives for hazard mitigation projects that protect working waterfront properties, which are essential for businesses engaged in activities like commercial fishing, boating, and aquaculture. By introducing a new tax credit, the bill seeks to help these businesses better prepare for and respond to natural disasters, ultimately enhancing their resilience. The key provisions include a tax credit equal to 30 percent of the qualified investment made in hazard mitigation projects, with a maximum credit cap of $300,000.