1. Short title This Act may be cited as the Disaster Savings and Resilient Construction Act of 2018 . 2. Disaster resilient property tax credit (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 30D the following new section: 30E. Disaster resilient property (a) General rule There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the applicable amount for each qualified building placed in service during the taxable year. (b) Applicable amount For purposes of subsection (a)— (1) Commercial property In the case of a qualified commercial property, the applicable amount is the lesser of— (A) 1 percent of the cost of the building, or (B) $25,000 per building. (2) Residential property In the case of a qualified residential property, the applicable amount is the lesser of— (A) 1 percent of the cost of the property (or construction cost for rehabilitation of the property), or (B) $3,000 per property. (c) Qualified building For purposes of subsection (a)— (1) In general The term qualified building means a building— (A) owned by the taxpayer in a disaster area determined as a result of a federally declared major disaster, (B) the construction of which began after the date of such disaster in that area, (C) which— (i) is qualified commercial property placed in service for commercial purposes, or (ii) is qualified residential property is placed in service for residential purposes, and (D) for which a certificate of occupancy is issued before the end of the 3-year period beginning on the date of such disaster declaration in that area. (2) Qualified commercial property The term qualified commercial property means a building that is— (A) located in the United States, (B) defined in the scope of the 2009 or later International Building Code published by the International Code Council, and (C) designed and constructed to meet resilient construction requirements. (3) Qualified