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To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums.
Summary
This bill amends the Internal Revenue Code to allow individual taxpayers an above-the-line deduction for qualified flood insurance premiums paid during the tax year on property they own. Qualified premiums include those from the National Flood Insurance Program, private flood insurance, Federal Policy Fees, and certain surcharges under the National Flood Insurance Act. The deduction is limited to taxpayers whose adjusted gross income does not exceed $200,000 for single filers or $400,000 for joint filers. The deduction would be effective for tax years beginning after the date of enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Scott, Rick [R-FL] (R-FL)
1 cosponsor
- Sen. Moody, Ashley [R-FL] (R-FL)
Actions (2)
- Jul 16, 2025 Read twice and referred to the Committee on Finance. · senate
- Jul 16, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
July 16, 2025
Mr. Scott of Florida (for himself and Mrs. Moody) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Flood Insurance Relief Act”.
SEC. 2. DEDUCTION FOR FLOOD INSURANCE PREMIUMS.
(a) Allowance of Deduction.—
(1) In general.—Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and inserting after section 223 the following new section:
“SEC. 224. FLOOD INSURANCE PREMIUMS.
“(a) Deduction Allowed.—In the case of an individual, there shall be allowed as a deduction qualified flood insurance premiums paid or incurred during the taxable year with respect to property owned by the taxpayer.
“(b) Limitation.—
“(1) In general.—Subsection (a) shall not apply with respect to any taxpayer whose adjusted gross income for the taxable year exceeds $200,000 ($400,000 in the case of a joint return).
“(2) Application.—For purposes of paragraph (1), the adjusted gross income of the taxpayer shall be determined—
“(A) after application of sections 86, 135, 137, 219, 221, and 469, and
“(B) without regard to this section.
“(c) Qualified Flood Insurance Premiums.—For purposes of this section, the term ‘qualified flood insurance premiums’ means—
“(1) any chargeable risk premium rate for flood insurance under the program established under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.) or the payment of any premium under private flood insurance, as defined in section 102(b) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(b)),
“(2) any Federal Policy Fee, as defined in Appendix A(1) to part 61 of title 44, Code of Federal Regulations, or any successor regulation,
“(3) any surcharge described in the flush text following subparagraph (D) of section 1304(b)(4) of the National Flood Insurance Act of 1968 (42 U.S.C. 4011(b)(4)), and
“(4) any premium surcharge under section 1308A of the National Flood Insurance Act of 1968 (42 U.S.C. 4015a).”.
(2) Clerical amendment.—The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by redesignating the item relating to section 224 as relating to section 225 and by inserting after the item relating to section 223 the following new item:
“Sec. 224. Flood insurance premiums.”.
(b) Deduction Allowed in Determining Adjusted Gross Income.— Section 62(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (21) the following new paragraph:
“(22) Flood insurance premiums.—The deduction allowed by section 224.”.
(c) Conforming Amendments.—
(1) Section 74(d)(2)(B) of the Internal Revenue Code of 1986 is amended by inserting “224” after “221”.
(2) Section 86(b)(2)(A) of such Code is amended by inserting “224,” after “221,”.
(3) Section 135(c)(4)(A) of such Code is amended by inserting “224,” after “221,”.
(4) Section 137(b)(3)(A) of such Code is amended by inserting “224” after “221,”.
(5) Section 219(g)(3)(A)(ii) of such Code is amended by inserting “224,” after “221,”.
(6) Section 221(b)(2)(C)(i) of such Code is amended by inserting “224,” after “219,”.
(7) Section 469(i)(3)(E)(ii) of such Code is amended by inserting “224,” after “221,”.
(d) Effective Date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. <all>
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