S 5466
Flood Insurance Affordability Tax Credit Act
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- Passed Senate
- Passed House
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Bill overview
This bill, the Flood Insurance Affordability Tax Credit Act, creates a refundable tax credit to help offset the cost of flood insurance premiums. It allows taxpayers to claim up to 33% of their flood insurance premiums paid, with the credit amount reduced based on household income relative to the poverty line. The bill also establishes a program for advance payments of the credit, capped at 33% of the taxpayer's premiums, and disallows deductions for the portion of premiums covered by the credit. This aims to make flood insurance more affordable, particularly for lower-income households.
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