Flood Insurance Affordability Tax Credit Act

This bill creates a refundable tax credit equal to 33% of flood insurance premiums paid for a principal residence under the National Flood Insurance Program. It directly affects homeowners in flood-prone areas who purchase required flood insurance, with eligibility based on household income (phased out above 350% of the federal poverty line). The credit is refundable, meaning it can reduce tax liability below zero, and is coordinated with advance payments made by the IRS to cover premiums upfront. The bill also disallows tax deductions for the same premiums covered by the credit, ensuring no double benefit.