Flood Insurance Relief Act

HR 4494, the Flood Insurance Relief Act, allows homeowners to deduct qualified flood insurance premiums from their taxable income. It directly affects individual homeowners who pay for flood insurance through the National Flood Insurance Program or approved private policies. The deduction applies only to premiums paid for covered property, with a limit: it phases out for taxpayers earning over $200,000 individually ($400,000 for joint returns). The bill modifies the tax code to add this deduction as a new line item, effective for tax years after enactment.