[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2313 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2313
To amend the Internal Revenue Code of 1986 to provide an above-the-line
deduction for flood insurance premiums.
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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.
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