Flood Insurance Relief Act

This bill creates a new federal tax deduction for qualified flood insurance premiums paid by homeowners. It directly affects individuals who own property in flood-prone areas and pay for flood insurance through either the National Flood Insurance Program (NFIP) or private policies meeting specific criteria. The deduction is limited to taxpayers with adjusted gross income under $200,000 ($400,000 for joint filers), and covers premiums for NFIP policies, private flood insurance, Federal Policy Fees, and certain surcharges. The change applies to taxable years beginning after the bill's enactment date.