Creates a new business tax credit equal to 30% of the cost (including installation) of electric generators purchased and placed in service by certain designated critical businesses located in areas the government judges to be high risk for flooding or hurricanes. The Treasury Secretary, after consulting FEMA, will identify which trades or businesses qualify as "specified taxpayers" (examples include hospitals, nursing homes, grocery stores, and gas stations). The credit is part of the general business credit rules, disallows duplicate tax benefits for the same expense, and requires reducing the property's tax basis by the credit amount. The credit applies to amounts paid or incurred after the law takes effect.