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118-s-5466Committee
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Flood Insurance Affordability Tax Credit Act

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Summary

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This bill amends the Internal Revenue Code to create a refundable tax credit equal to 33 percent of flood insurance premiums paid for a taxpayer's principal residence under the National Flood Insurance Program. The credit phases out for households with income between 350 and 435 percent of the federal poverty line. The bill also establishes an advance payment program allowing the IRS to pay flood insurance premiums directly to FEMA on behalf of eligible individuals during the taxable year.

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Bill details

Congress
118
Bill type
s
Introduced
December 10, 2024
Sponsor
Not yet available
Last action
December 10, 2024— Read twice and referred to the Committee on Finance.

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