Flood Insurance Affordability Tax Credit Act

Summary

Flood Insurance Affordability Tax Credit Act This bill establishes a new refundable tax credit for up to 33% of the flood insurance premiums paid (or incurred) under the National Flood Insurance Program to insure a principal residence. The bill also requires the Internal Revenue Service (IRS) to establish a program for paying the tax credit in advance. Under the bill, the tax credit for flood insurance premiums may be reduced depending on the taxpayer’s household income in relation to the federal poverty line (FPL). The tax credit begins to phase out once a taxpayer’s household income is 350% of the FPL and is completely phased out once a taxpayer’s household income reaches 435% of the FPL. (Other limitations may apply.) Further, the tax credit for flood premiums may not be claimed by a married taxpayer who files a separate federal income tax return or a taxpayer who may be claimed as a dependent. Finally, the bill requires the IRS to establish a program that allows a taxpayer to receive the allowable tax credit amount for flood insurance premiums (based on tax return information for the most recent tax year available) in advance.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate

  Introduced in Senate · EN · 13 February 2025

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 February 2025

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.