The proposal would let individuals deduct qualified flood insurance premiums when calculating adjusted gross income. Eligible premiums include charges for federal or private flood coverage, certain fees, and surcharges. The deduction would not be available to taxpayers with adjusted gross income above $200,000, or $400,000 for joint returns. It would apply to tax years beginning after enactment. The bill was referred to the House Committee on Ways and Means.
If enacted, an individual who owns the insured property and meets the income limit could claim the deduction for eligible premiums paid or incurred during the tax year. The proposal does not describe how much any taxpayer would save.
The bill gives no estimate of its cost to the federal government or of taxpayers’ potential savings. Taxpayers would still pay their insurance premiums.
No publicly available information.
No publicly available information.