HOME Act of 2014

To delay increases in premium rates for flood insurance coverage under the National Flood Insurance Program, establish a refundable tax credit for flood mitigation expenses, and authorize increased funding for flood damage mitigation programs, and for other purposes. 1. Short title This Act may be cited as the Helping Owners Mitigate Effectively Act of 2014 HOME Act of 2014 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 (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 3. Cap on annual cost of flood insurance Section 1308 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015 (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. . 4. Credit for certain qualified flood mitigation expenses (a) In general Subpart B of part IV of subchapter A of chapter 1 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 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 (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 (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 , plus (37) the portion of the credit for qualified flood mitigation expenses to which section 30E(f)(1) applies. . (2) Section 1324(b)(2) 30E(f)(2), 25A, (3) The table of sections for subpart B of part IV of subchapter A of chapter 1 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. 5. Affordability study Section 100236 of the Biggert-Waters Flood Insurance Reform Act of 2012 ( Public Law 112–141 (1) in subsection (c), by striking Not Subject to subsection (e), not (2) in subsection (d)— (A) by striking (d) Funding (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. . 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) (1) by striking and (2) by striking the period at the end of paragraph (3) and inserting ; 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 42 U.S.C. 4104d

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.