The bill would let individuals deduct qualified flood insurance premiums paid for property they own. The deduction would be available when calculating adjusted gross income. It would cover premiums for federal or private flood insurance, as well as specified fees and surcharges. People with adjusted gross income above $200,000, or $400,000 on a joint return, could not claim it. The change would apply to tax years beginning after the bill’s enactment.
If enacted, an individual who owns property and pays qualified flood insurance costs could claim the deduction, provided their adjusted gross income does not exceed the applicable limit. The bill does not describe how to claim it.
No publicly available information on the bill’s fiscal cost.
No publicly available information.
No publicly available information.