II 

118TH CONGRESS 

2D SESSION S. 4143 

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

IN THE SENATE OF THE UNITED STATES 

APRIL 17, 2024 

Mr. SCOTT of Florida 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. 

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 Insurance Relief 

5 Act’’. 

6 SEC. 2. DEDUCTION FOR FLOOD INSURANCE PREMIUMS. 

7 (a) ALLOWANCE OF DEDUCTION.— 

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

9 chapter 1 of the Internal Revenue Code of 1986 is 

10 amended by redesignating section 224 as section 


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1 225 and inserting after section 223 the following 

2 new section: 

3 ‘‘SEC. 224. FLOOD INSURANCE PREMIUMS. 

4 ‘‘(a) DEDUCTION ALLOWED.—In the case of an indi5 vidual, there shall be allowed as a deduction qualified flood 

6 insurance premiums paid or incurred during the taxable 

7 year with respect to property owned by the taxpayer. 

8 ‘‘(b) LIMITATION.— 

9 ‘‘(1) IN GENERAL.—Subsection (a) shall not 

10 apply with respect to any taxpayer whose adjusted 

11 gross income for the taxable year exceeds $200,000 

12 ($400,000 in the case of a joint return). 

13 ‘‘(2) APPLICATION.—For purposes of para14 graph (1), the adjusted gross income of the taxpayer 

15 shall be determined— 

16 ‘‘(A) after application of sections 86, 135, 

17 137, 219, 221, and 469, and 

18 ‘‘(B) without regard to this section. 

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

20 For purposes of this section, the term ‘qualified flood in21 surance premiums’ means— 

22 ‘‘(1) any chargeable risk premium rate for flood 

23 insurance under the program established under the 

24 National Flood Insurance Act of 1968 (42 U.S.C. 

25 4001 et seq.) or the payment of any premium under 


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1 private flood insurance, as defined in section 102(b) 

2 of the Flood Disaster Protection Act of 1973 (42 

3 U.S.C. 4012a(b)), 

4 ‘‘(2) any Federal Policy Fee, as defined in Ap5 pendix A(1) to part 61 of title 44, Code of Federal 

6 Regulations, or any successor regulation, 

7 ‘‘(3) any surcharge described in the flush text 

8 following subparagraph (D) of section 1304(b)(4) of 

9 the National Flood Insurance Act of 1968 (42 

10 U.S.C. 4011(b)(4)), and 

11 ‘‘(4) any premium surcharge under section 

12 1308A of the National Flood Insurance Act of 1968 

13 (42 U.S.C. 4015a).’’. 

14 (2) CLERICAL AMENDMENT.—The table of sec15 tions for part VII of subchapter B of chapter 1 of 

16 such Code is amended by redesignating the item re17 lating to section 224 as relating to section 225 and 

18 by inserting after the item relating to section 223 

19 the following new item: 

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

20 (b) DEDUCTION ALLOWED IN DETERMINING AD21 JUSTED GROSS INCOME.—Section 62(a) of the Internal 

22 Revenue Code of 1986 is amended by inserting after para23 graph (21) the following new paragraph: 

24 ‘‘(22) FLOOD INSURANCE PREMIUMS.—The de25 duction allowed by section 224.’’. 


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1 (c) CONFORMING AMENDMENTS.— 

2 (1) Section 74(d)(2)(B) of the Internal Revenue 

3 Code of 1986 is amended by inserting ‘‘224’’ after 

4 ‘‘221’’. 

5 (2) Section 86(b)(2)(A) of such Code is amend6 ed by inserting ‘‘224,’’ after ‘‘221,’’. 

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

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

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

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

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

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

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

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

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

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

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

18 this section shall apply to taxable years beginning after 

19 the date of the enactment of this Act. 

Æ 


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