I 

118TH CONGRESS 

2D SESSION H. R. 10004 

To amend the Internal Revenue Code of 1986 to provide an above-theline 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Flood Loss Offset and 

5 Affordability Tax Credit Act of 2024’’ or the ‘‘FLOAT 

6 Act of 2024’’. 

7 SEC. 2. DEDUCTION FOR FLOOD INSURANCE PREMIUMS. 

8 (a) ALLOWANCE OF DEDUCTION.— 

9 (1) IN GENERAL.—Part VII of subchapter B of 

10 chapter 1 of the Internal Revenue Code of 1986 is 


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1 amended by redesignating section 224 as section 

2 225 and inserting after section 223 the following 

3 new section: 

4 ‘‘SEC. 224. FLOOD INSURANCE PREMIUMS. 

5 ‘‘(a) DEDUCTION ALLOWED.—In the case of an indi6 vidual, there shall be allowed as a deduction so much of 

7 the qualified flood insurance premiums paid or incurred 

8 during the taxable year with respect to property owned 

9 by the taxpayer which is the principal residence (as such 

10 term is used in section 121) of the taxpayer during such 

11 taxable year as do not exceed $1,000. 

12 ‘‘(b) PHASEOUT.— 

13 ‘‘(1) IN GENERAL.—The amount of the credit 

14 allowable under subsection (a) shall be reduced (but 

15 not below zero) by $50 for each $1,000 (or fraction 

16 thereof) by which the taxpayer’s modified adjusted 

17 gross income exceeds the threshold amount. For 

18 purposes of the preceding sentence, the term ‘modi19 fied adjusted gross income’ means adjusted gross in20 come increased by any amount excluded from gross 

21 income under section 911, 931, or 933. 

22 ‘‘(2) THRESHOLD AMOUNT.—For purposes of 

23 paragraph (1), the term ‘threshold amount’ means— 

24 ‘‘(A) $400,000 in the case of a joint re25 turn, and 


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1 ‘‘(B) $200,000 in the case of any other in2 dividual. 

3 ‘‘(c) QUALIFIED FLOOD INSURANCE PREMIUMS.— 

4 For purposes of this section, the term ‘qualified flood in5 surance premiums’ means— 

6 ‘‘(1) any premium paid for a private flood in7 surance policy, 

8 ‘‘(2) any chargeable risk premium for flood in9 surance coverage under the program established 

10 under the National Flood Insurance Act of 1968 (42 

11 U.S.C. 4001 et seq.) or for coverage under private 

12 flood insurance, as defined in section 102(b) of the 

13 Flood Disaster Protection Act of 1973 (42 U.S.C. 

14 4012a(b)), 

15 ‘‘(3) any Federal Policy Fee, as defined in Ap16 pendix A(1) to part 61 of title 44, Code of Federal 

17 Regulations, or any successor regulation, 

18 ‘‘(4) any surcharge described in the matter 

19 after and below paragraph (4)(D) of section 1304(b) 

20 of the National Flood Insurance Act of 1968 (42 

21 U.S.C. 4011(b)), and 

22 ‘‘(5) any premium surcharge under section 

23 1308A of the National Flood Insurance Act of 1968 

24 (42 U.S.C. 4015a).’’. 


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1 (2) CLERICAL AMENDMENT.—The table of sec2 tions for part VII of subchapter B of chapter 1 of 

3 such Code is amended by redesignating the item re4 lating to section 224 as relating to section 225 and 

5 by inserting after the item relating to section 223 

6 the following new item: 

‘‘Sec. 224. Flood insurance premiums.’’. 

7 (b) DEDUCTION ALLOWED IN DETERMINING AD8 JUSTED GROSS INCOME.—Section 62(a) of such Code is 

9 amended by inserting after paragraph (21) the following 

10 new paragraph: 

11 ‘‘(22) FLOOD INSURANCE PREMIUMS.—The de12 duction allowed by section 224.’’. 

13 (c) CONFORMING AMENDMENTS.— 

14 (1) Section 74(d)(2)(B) of such Code is amend15 ed by inserting ‘‘224’’ after ‘‘221’’. 

16 (2) Section 86(b)(2)(A) of such Code is amend17 ed by inserting ‘‘224,’’ after ‘‘221,’’. 

18 (3) Section 135(c)(4)(A) of such Code is 

19 amended by inserting ‘‘224,’’ after ‘‘221,’’. 

20 (4) Section 137(b)(3)(A) of such Code is 

21 amended by inserting ‘‘224’’ after ‘‘221,’’. 

22 (5) Section 219(g)(3)(A)(ii) of such Code is 

23 amended by inserting ‘‘224,’’ after ‘‘221,’’. 

24 (6) Section 221(b)(2)(C)(i) of such Code is 

25 amended by inserting ‘‘224,’’ after ‘‘219,’’. 


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1 (7) Section 469(i)(3)(E)(ii) of such Code is 

2 amended by inserting ‘‘224,’’ after ‘‘221,’’. 

3 (d) EFFECTIVE DATE.—The amendments made by 

4 this section shall apply to taxable years beginning after 

5 the date of the enactment of this Act. 

Æ 


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