To prohibit the Administrator of the Federal Emergency Management Agency from updating flood maps until the Administrator submits to Congress a community outreach plan, and for other purposes.

Summary: Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from updating a floodplain area or flood-risk zone under the National Flood Insurance Act of 1968 until the Administrator submits a community outreach plan to Congress.

Amends the Internal Revenue Code to provide for a credit equal to the premium paid by the taxpayer for flood insurance covering any residential property which is a qualified flood risk property, subject to an income-based limitation. Defines "qualified flood risk property" as a residential property: (1) that is located in a floodplain area or flood-risk zone depicted on a flood insurance rate map revised and updated pursuant to such Act; (2) that was outside of any floodplain area or flood-risk zone prior to such revision; and (3) that the taxpayer owned on the date such map became effective or the purchase or construction of which by the taxpayer was subject to a binding written contract on such date.

Makes this Act applicable to any flood insurance rate map that becomes effective pursuant to such Act. Provides that if a refund or credit of any overpayment resulting from this Act is prevented at any time before one year after enactment of this Act, such refund or credit may occur if the claim is filed before the close of that period.

Amends such Act to require the community rating system program to provide grants to communities for projects to improve the rating of communities under the program.

SECTION 1. MORATORIUM ON FLOOD MAP UPDATES.

    The Administrator of the Federal Emergency Management Agency may 
not revise and update a floodplain area or flood-risk zone under 
section 1360(f) of the National Flood Insurance Act of 1968 (42 U.S.C. 
4101(f)) until the date on which the Administrator submits to Congress 
a community outreach plan for the updating of floodplain areas and 
flood-risk zones.

SEC. 2. REFUNDABLE CREDIT FOR RESIDENTIAL PROPERTY LOCATED IN EXPANDED 
              FLOOD ZONE.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to refundable credits) 
is amended by inserting after section 36 the following new section:

``SEC. 36A. NEW FLOOD ZONE PREMIUM CREDIT.

    ``(a) Allowance of Credit.--In the case of an eligible individual, 
there shall be allowed as a credit against the tax imposed by this 
chapter for the taxable year an amount equal to the premium paid by the 
taxpayer for flood insurance under the National Flood Insurance Act of 
1968 (42 U.S.C. 4001 et seq.) covering any residential property of the 
taxpayer which is a qualified flood risk property.
    ``(b) Limitations.--
            ``(1) Limitation based on income.--
                    ``(A) In general.--The amount which would (but for 
                this subsection) be allowable as a credit under this 
                section shall be reduced (but not below zero) by the 
                amount determined under subparagraph (B).
                    ``(B) Amount of reduction.--The amount determined 
                under this subparagraph is the amount which bears the 
                same ratio to the amount which would be so taken into 
                account as--
                            ``(i) the excess of--
                                    ``(I) the taxpayer's modified 
                                adjusted gross income for such taxable 
                                year, over
                                    ``(II) $50,000 ($100,000 in the 
                                case of a joint return), bears to
                            ``(ii) $100,000 ($200,000 in the case of a 
                        joint return).
                    ``(C) Modified adjusted gross income.--For purposes 
                of subparagraph (B), the term `modified adjusted gross 
                income' means adjusted gross income determined--
                            ``(i) without regard to this section and 
                        sections 199, 222, 911, 931, and 933, and
                            ``(ii) after application of sections 86, 
                        135, 137, 219, 221, and 469.
            ``(2) Limitation based on period.--No amount shall be 
        allowed as a credit under subsection (a) with respect to any 
        residential property after the end of the 4th calendar 
        beginning after the calendar year in which the map referred to 
        in subsection (c)(1) first became effective.
    ``(c) Qualified Flood Risk Property.--For purposes of this section, 
the term `qualified flood risk property' means a residential property 
(within the meaning of the National Flood Insurance Act of 1968) 
which--
            ``(1) is located in a floodplain area or flood-risk zone, 
        as depicted on a flood insurance rate map revised and updated 
        pursuant to section 1360(f) of the National Flood Insurance Act 
        of 1968 (42 U.S.C. 4101),
            ``(2) was outside of any floodplain area or flood-risk zone 
        prior to such revision and updating, and
            ``(3) with respect to which--
                    ``(A) the taxpayer owned such property on the date 
                such revised and updated map first became effective, or
                    ``(B) the purchase or construction of which by the 
                taxpayer was subject to a binding written contract on 
                such date.''.
    (b) Conforming Amendments.--
            (1) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting ``, 36A'' after ``36''.
            (2) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by inserting after the item relating to section 36 
        the following new item:

``Sec. 36A. New flood zone premium credit.''.
    (c) Effective Date; Waiver of Limitations.--
            (1) In general.--The amendments made by this section shall 
        apply with respect to any flood insurance rate map which 
        becomes effective pursuant to section 1360(f) of the National 
        Flood Insurance Act of 1968 (42 U.S.C. 4101).
            (2) Waiver of limitations.--If refund or credit of any 
        overpayment of tax resulting from the amendments made by this 
        section is prevented at any time before the close of the 1-year 
        period beginning on the date of the enactment of this Act by 
        the operation of any law or rule of law (including res 
        judicata), such refund or credit may nevertheless be made or 
        allowed if claim therefor is filed before the close of such 
        period.

SEC. 3. GRANT PROGRAM TO IMPROVE COMMUNITY RATING.

    Section 1315(b) of the National Flood Insurance Act of 1968 (42 
U.S.C. 4022(b)) is amended--
            (1) by redesignating paragraph (4) as paragraph (5); and
            (2) by inserting after paragraph (3) the following new 
        paragraph:
            ``(5) Grants.--The program shall provide grants to 
        communities for projects to improve the community rating of the 
        communities under the program.''.