FLOAT Act of 2024
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Summary
The FLOAT Act of 2024 amends the Internal Revenue Code to allow individual taxpayers an above-the-line deduction of up to $1,000 per year for qualified flood insurance premiums paid on their principal residence. The deduction phases out by $50 for each $1,000 (or fraction thereof) of modified adjusted gross income above $400,000 for joint filers or $200,000 for other individuals. Qualified premiums include those from private flood insurance policies, the National Flood Insurance Program, federal policy fees, and certain surcharges.
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