HOME Act of 2014

Summary: Helping Owners Mitigate Effectively Act of 2014 or the HOME Act of 2014 - Delays any change in risk premium rates for flood insurance under the National Flood Insurance Program resulting from amendments made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act)&nbsp;until five years after the enactment date&nbsp;of such Act. Amends the National Flood Insurance Act of 1968 to provide that the maximum annual chargeable flood insurance premium rate for a property shall be the appraised value of the property when purchased by its current owner divided by 30.  Amends the Internal Revenue Code to allow a tax credit of up to $7,500 for flood mitigation expenses in a taxable year for policy holders of flood insurance coverage and small businesses. Terminates such credit after December 31, 2022 Amends the Biggert-Waters Act to authorize the Administrator of the Federal Emergency Management Agency (FEMA) to use any other amounts available to the Administrator to carry out the the study of participation in the National Flood Insurance Program and of the affordability of risk-based premiums under such Program.  Amends the Robert T. Stafford Disaster Relief and Emergency Assistance&nbsp;Act to authorize increased appropriations for predisaster hazard mitigation for FY2014-FY2018.&nbsp; Authorizes appropriations for flood risk mitigation assistance for FY2014-FY2018. 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Helping Owners Mitigate Effectively 
Act of 2014'' or the ``HOME Act of 2014''.

SEC. 2. DELAY IN FLOOD INSURANCE RATE CHANGES.

    (a) Delay.--Notwithstanding any other provision of law, any change 
in risk premium rates for flood insurance under the National Flood 
Insurance Program resulting from the amendments made by sections 100205 
and 100207 of the Biggert-Waters Flood Insurance Reform Act of 2012 
(Public Law 112-141; 126 Stat. 917) to sections 1307 and 1308 of the 
National Flood Insurance Act of 1968 (42 U.S.C. 4014 and 4015) shall 
not take effect until the expiration of the 5-year period that begins 
upon the date of the enactment of the Biggert-Waters Flood Insurance 
Reform Act of 2012.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect as if enacted as part of the Biggert-Waters Flood Insurance 
Reform Act of 2012 (Public Law 112-141; 126 Stat. 916).

SEC. 3. CAP ON ANNUAL COST OF FLOOD INSURANCE.

    Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4015) is amended--
            (1) by redesignating subsection (i) as subsection (j); and
            (2) by inserting after subsection (h) the following new 
        subsection:.
    ``(i) Maximum Annual Premium.--Notwithstanding any other provision 
of this title, the maximum annual chargeable premium rate for a 
property shall be the appraised value of the property at the time of 
the purchase of the property by the current owner of the property 
divided by 30.''.

SEC. 4. CREDIT FOR CERTAIN QUALIFIED FLOOD MITIGATION EXPENSES.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following new section:

``SEC. 30E. QUALIFIED FLOOD MITIGATION EXPENSES.

    ``(a) In General.--In the case of a qualified taxpayer, there shall 
be allowed as a credit against the tax imposed by this chapter for the 
taxable year an amount equal to the qualified flood mitigation expenses 
paid or incurred by the taxpayer for the taxable year.
    ``(b) Limitations.--The amount allowed as a credit under subsection 
(a) for a taxable year shall not exceed $7,500.
    ``(c) Qualified Taxpayer.--
            ``(1) In general.--For purposes of this section, the term 
        `qualified taxpayer' means a taxpayer who is the holder of a 
        policy for flood insurance coverage under the national flood 
        insurance program under the National Flood Insurance Act of 
        1968 (42 U.S.C. 4011 et seq.).
            ``(2) Business employers must be small.--
                    ``(A) In general.--In the case of a taxpayer which 
                is a trade or business, for purposes of this section 
                the term `qualified taxpayer' shall not include any 
                taxpayer which employed an average of more than 50 
                employees on business days during such taxable year.
                    ``(B) Controlled groups.--For purposes of 
                subparagraph (A), all persons treated as a single 
                employer under subsection (a) or (b) of section 52 or 
                subsection (m) or (o) of section 414 shall be treated 
                as a single employer.
    ``(d) Qualified Flood Mitigation Expenses.--The term `qualified 
flood mitigation expenses' shall have the meaning given such term by 
the Administrator of the Federal Emergency Management Agency.
    ``(e) Partnership, S Corporations, and Other Pass-Thru Entities.--
In the case of a partnership, trust, S corporation, or other pass-thru 
entity, the credit and limitations contained in this section shall be 
determined at the entity level.
    ``(f) Application With Other Credits.--
            ``(1) Business credit treated as part of general business 
        credit.--So much of the credit which would be allowed under 
        subsection (a) for any taxable year (determined without regard 
        to this subsection) that is determined with respect to property 
        of a character subject to an allowance for depreciation shall 
        be treated as a credit listed in section 38(b) for such taxable 
        year (and not allowed under subsection (a)).
            ``(2) Personal credit.--For purposes of this title, the 
        credit allowed under subsection (a) for any taxable year 
        (determined after application of paragraph (1)) shall be 
        treated as a credit allowable under subpart C for such taxable 
        year.
    ``(g) Termination.--Subsection (a) shall not apply to any amount 
paid or incurred after December 31, 2022.''.
    (b) Conforming Amendments.--
            (1) Section 38(b) of such Code is amended by striking 
        ``plus'' at the end of paragraph (35), by striking the period 
        at the end of section (36) and inserting ``, plus'', and by 
        inserting after paragraph (36) the following new paragraph:
            ``(37) the portion of the credit for qualified flood 
        mitigation expenses to which section 30E(f)(1) applies.''.
            (2) Section 1324(b)(2) of title 31, United States Code, is 
        amended by inserting ``30E(f)(2),'' after ``25A,''.
            (3) The table of sections for subpart B of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by adding at the end the following new item:

``Sec. 30E. Qualified flood mitigation expenses.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred after December 31, 2012.

SEC. 5. AFFORDABILITY STUDY.

    Section 100236 of the Biggert-Waters Flood Insurance Reform Act of 
2012 (Public Law 112-141; 126 Stat. 957) is amended--
            (1) in subsection (c), by striking ``Not'' and inserting 
        the following: ``Subject to subsection (e), not'';
            (2) in subsection (d)--
                    (A) by striking ``(d) Funding.--Notwithstanding'' 
                and inserting the following:
    ``(d) Funding.--
            ``(1) National flood insurance fund.--Notwithstanding''; 
        and
                    (B) by adding at the end the following new 
                paragraph:
            ``(2) Other funding sources.--To carry out this section, in 
        addition to the amount made available under paragraph (1), the 
        Administrator may use any other amounts that are available to 
        the Administrator.''; and
            (3) by adding at the end the following new subsection
    ``(e) Alternative.--If the Administrator determines that the report 
required under subsection (c) cannot be submitted by the date specified 
under subsection (c)--
            ``(1) the Administrator shall notify, not later than 60 
        days after the date of enactment of this subsection, the 
        Committee on Banking, Housing, and Urban Affairs of the Senate 
        and the Committee on Financial Services of the House of 
        Representatives of an alternative method of gathering the 
        information required under this section;
            ``(2) the Administrator shall submit, not later than 180 
        days after the Administrator submits the notification required 
        under paragraph (1), to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives the information 
        gathered using the alternative method described in paragraph 
        (1); and
            ``(3) upon the submission of information required under 
        paragraph (2), the requirement under subsection (c) shall be 
        deemed satisfied.''.

SEC. 6. INCREASED FUNDING FOR MITIGATION PROGRAMS.

    (a) Predisaster Hazard Mitigation.--Section 203(m) of the Robert T. 
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5133(m)) is amended--
            (1) by striking ``and'' at the end of paragraph (2);
            (2) by striking the period at the end of paragraph (3) and 
        inserting ``; and''; and
            (3) by adding at the end the following:
            ``(4) $300,000,000 for each of fiscal years 2014 through 
        2018.''.
    (b) Flood Hazard Mitigation Assistance.--There is authorized to be 
appropriated for financial assistance under section 1366 of the 
National Flood Insurance Act of 1968 (42 U.S.C. 4104c) $210,000,000 for 
each of fiscal years 2014 through 2018. Any amounts appropriated 
pursuant to this subsection shall be in addition to amounts made 
available from the National Flood Mitigation Fund under section 1367 of 
such Act (42 U.S.C. 4104d) for such assistance during such fiscal 
years.