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119-s-2313119th CongressWALLET

Flood Insurance Relief Act

Sponsored By: Senator Scott, Rick [R-FL]

Introduced

Summary

Creates an above-the-line deduction for flood insurance premiums that eligible individual taxpayers would claim when calculating adjusted gross income (AGI). The deduction would be limited to filers with adjusted gross income of $200,000 or less for single taxpayers and $400,000 or less for joint filers and the bill defines which federal fees and surcharges count as qualified premiums.

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  • Homeowners and renters who pay flood insurance would be able to deduct those qualified premiums when computing AGI if they meet the income caps, moving those costs ahead of AGI for tax purposes.
  • The bill updates cross-references across the tax code so the new Section 224 is included in related AGI-based computations, making the deduction interact with other tax rules tied to AGI.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Flood insurance tax deduction for homeowners

If enacted, you would be able to deduct flood insurance premiums you paid for property you own. This would be an above-the-line deduction that reduces your adjusted gross income. It would only be available if your AGI is $200,000 or less for single filers. For joint filers, the limit would be $400,000 or less. For that AGI test, AGI would be computed after applying sections 86, 135, 137, 219, 221, and 469. The computation would be made without regard to this new deduction. Qualified flood insurance premiums would include NFIP chargeable risk premiums and private flood insurance. They would also include the Federal Policy Fee (or successor), the NFIA surcharge after section 1304(b)(4)(D), and the section 1308A premium surcharge. The change would apply to tax years starting after the law's enactment.

Sponsors & CoSponsors

Sponsor

Scott, Rick [R-FL]

FL • R

Cosponsors

  • Sen. Moody, Ashley [R-FL]

    FL • R

    Sponsored 7/16/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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