[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10004 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                               H. R. 10004

To amend the Internal Revenue Code of 1986 to provide an above-the-line 
                deduction for flood insurance premiums.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 18, 2024

Mr. Gottheimer (for himself and Mr. Garbarino) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 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 Loss Offset and Affordability 
Tax Credit Act of 2024'' or the ``FLOAT Act of 2024''.

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 so much of the qualified flood insurance 
premiums paid or incurred during the taxable year with respect to 
property owned by the taxpayer which is the principal residence (as 
such term is used in section 121) of the taxpayer during such taxable 
year as do not exceed $1,000.
    ``(b) Phaseout.--
            ``(1) In general.--The amount of the credit allowable under 
        subsection (a) shall be reduced (but not below zero) by $50 for 
        each $1,000 (or fraction thereof) by which the taxpayer's 
        modified adjusted gross income exceeds the threshold amount. 
        For purposes of the preceding sentence, the term `modified 
        adjusted gross income' means adjusted gross income increased by 
        any amount excluded from gross income under section 911, 931, 
        or 933.
            ``(2) Threshold amount.--For purposes of paragraph (1), the 
        term `threshold amount' means--
                    ``(A) $400,000 in the case of a joint return, and
                    ``(B) $200,000 in the case of any other individual.
    ``(c) Qualified Flood Insurance Premiums.--For purposes of this 
section, the term `qualified flood insurance premiums' means--
            ``(1) any premium paid for a private flood insurance 
        policy,
            ``(2) any chargeable risk premium for flood insurance 
        coverage under the program established under the National Flood 
        Insurance Act of 1968 (42 U.S.C. 4001 et seq.) or for coverage 
        under private flood insurance, as defined in section 102(b) of 
        the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(b)),
            ``(3) any Federal Policy Fee, as defined in Appendix A(1) 
        to part 61 of title 44, Code of Federal Regulations, or any 
        successor regulation,
            ``(4) any surcharge described in the matter after and below 
        paragraph (4)(D) of section 1304(b) of the National Flood 
        Insurance Act of 1968 (42 U.S.C. 4011(b)), and
            ``(5) 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 such Code 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 such Code 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.
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