This legislation aims to create a tax credit that encourages hazard mitigation projects for working waterfront properties, which are vital for water-dependent businesses like fishing, boating, and aquaculture. The goal is to enhance these businesses' resilience against natural disasters by providing financial incentives for necessary improvements. The main provisions include a tax credit that allows eligible taxpayers to claim 30 percent of their qualified investments in hazard mitigation projects, capped at $300,000.