Flood Insurance Relief Act

The Flood Insurance Relief Act would allow individual taxpayers to deduct qualified flood insurance premiums from their taxable income. This deduction applies only to taxpayers with an adjusted gross income below $200,000 (or $400,000 for joint returns). The bill defines "qualified" premiums to include costs under the National Flood Insurance Program, private flood insurance policies, and specific associated fees or surcharges. The deduction would be claimed when calculating adjusted gross income, effective for tax years after the bill's enactment.