HR4494119th CongressWALLET

Flood Insurance Relief Act

Sponsored By: Representative Donalds, Byron [R-FL-19]

Introduced

Summary

Above-the-line deduction for flood insurance premiums. This bill would let taxpayers deduct qualified flood insurance premiums when calculating adjusted gross income, subject to income limits.

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Bill Overview

Analyzed Economic Effects

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

Tax break for homeowners' flood insurance

If enacted, this bill would let you deduct what you pay for flood insurance on property you own. It would be an above-the-line deduction that lowers your adjusted gross income. You could claim NFIP or private flood premiums, the Federal Policy Fee, and required surcharges. You would not qualify if your AGI is over $200,000 ($400,000 for joint filers). The income limit would be based on your AGI before this deduction. You must pay the premiums during the tax year, and it would apply to tax years that start after the bill becomes law.

Sponsors & CoSponsors

Sponsor

Donalds, Byron [R-FL-19]

FL • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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