S 2313
Flood Insurance Relief Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Flood Insurance Relief Act, aims to provide taxpayers with a deduction for flood insurance premiums they pay or incur. It amends the Internal Revenue Code to allow individuals to deduct these premiums as an above-the-line deduction, subject to an income limitation of $200,000 for single filers and $400,000 for joint filers. The bill also clarifies what qualifies as a ‘qualified flood insurance premium’ and makes several conforming amendments to ensure the deduction is properly incorporated into tax calculations.
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