Flood Insurance Relief Act

This bill would let people deduct what they pay for flood insurance from their taxable income, even if they don’t itemize deductions. It applies to insurance on property you own and covers both National Flood Insurance Program policies and qualifying private flood insurance. It also counts the Federal Policy Fee and certain federal surcharges on flood policies as part of what you can deduct.

There is an income limit. You could not take this deduction if your adjusted gross income is over $200,000, or over $400,000 for a joint return.

• Who is affected: Individuals who buy flood insurance for property they own, including NFIP or qualifying private policies.
• What changes: You could deduct flood insurance costs, including the risk premium, the Federal Policy Fee, and certain federal surcharges, when you file your taxes.
• Limits: Not available if your income is above $200,000 ($400,000 if filing jointly).
• When: The text provided does not state a start date.