S 586
Flood Insurance Affordability Tax Credit Act
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- Passed House
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- Became Law
Bill overview
This bill, the Flood Insurance Affordability Tax Credit Act, creates a refundable tax credit for homeowners to help offset the cost of flood insurance premiums. The credit can be up to 33% of eligible premiums, but it’s reduced based on household income, phasing out for higher-income taxpayers. The IRS will establish a program to provide advance payments of the credit, with limits based on the taxpayer’s premium costs and income. Certain individuals, such as married taxpayers filing separately or dependents, are ineligible for the credit.
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