# 119-s-586: Flood Insurance Affordability Tax Credit Act

119-s-586, Flood Insurance Affordability Tax Credit Act, is a 119th Congress bill sponsored by Sen. Cassidy, Bill [R-LA] (R-LA); status introduced; PRIA reads it as touching household money (as of 2025-12-20).

- Canonical: https://policyrisk.com/legislation/119-s-586
- As of: 2025-12-20
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-586
- Congress: 119
- Title: Flood Insurance Affordability Tax Credit Act
- Status: introduced
- Introduced: 2025-02-13
- Sponsor: Sen. Cassidy, Bill [R-LA] (R-LA)
- Cosponsors: 1
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2025-12-20

## Summary

**A refundable tax credit for flood insurance premiums.** This bill would create a refundable credit equal to up to 33% of premiums paid for National Flood Insurance Program coverage on a taxpayer's principal residence. It would also let the IRS pay that credit in advance to FEMA on behalf of eligible taxpayers. - Homeowners with NFIP coverage: Would receive a credit worth up to 33% of flood insurance premiums for their primary home. The bill also disallows a deduction for the portion of premiums that equals the credit to avoid double tax benefits. - Households by income: The credit phases out starting at 350% of the federal poverty line and is fully phased out at 435% of the poverty line for the family's size. This limits support to low and middle income households under those thresholds. - Filing rules and advance payments: Married taxpayers filing separate returns and individuals who can be claimed as dependents are ineligible. Taxpayers could elect an advance payment based on their most recent tax return and any advance would be reconciled against the final credit on the tax return.

## Cosponsors (1)

- Sen. Booker, Cory A. [D-NJ] (D-NJ), 2025-02-13T00:00:00.000Z

## Provisions PRIA read

- Refundable flood insurance tax credit: benefit, high. If enacted, this bill would create a refundable tax credit equal to 33% of flood insurance premiums for your main home under the National Flood Insurance Program. The credit would be reduced when household income is above 350% of the poverty guideline and would phase out by 435%. Married couples co…

## Related bills

- 119-s-5066: Health Equity and Accountability Act of 2026
- 119-s-4744: Take Care of America’s Veterans Act
- 119-s-2120: Older Americans Act Reauthorization Act of 2025
- 119-s-3257: John A. Hauser Mental Health in Aviation Act
- 119-s-2834: Medically Tailored Home-Delivered Meals Program Pilot Act
- 119-s-3940: Access to Fair Financing for Opportunity and Resilient Development Act

## Sources
- [119-s-586 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/586)

## Related
- [119-s-5066: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-s-5066)
- [119-s-4744: Take Care of America’s Veterans Act](https://policyrisk.com/legislation/119-s-4744)
- [119-s-2120: Older Americans Act Reauthorization Act of 2025](https://policyrisk.com/legislation/119-s-2120)
- [119-s-3257: John A. Hauser Mental Health in Aviation Act](https://policyrisk.com/legislation/119-s-3257)
- [119-s-2834: Medically Tailored Home-Delivered Meals Program Pilot Act](https://policyrisk.com/legislation/119-s-2834)
- [119-s-3940: Access to Fair Financing for Opportunity and Resilient Development Act](https://policyrisk.com/legislation/119-s-3940)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-586 (as of 2025-12-20).