I 
118TH CONGRESS 
2D SESSION H. R. 10004 
To amend the Internal Revenue Code of 1986 to provide an above-the- 
line 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Flood Loss Offset and 
Affordability Tax Credit Act of 2024’’ or the ‘‘FLOAT 
Act of 2024’’. 
SEC. 2. DEDUCTION FOR FLOOD INSURANCE PREMIUMS. 
(a) ALLOWANCE OF DEDUCTION.— 
(1) IN GENERAL.—Part VII of subchapter B of 
chapter 1 of the Internal Revenue Code of 1986 is 
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amended by redesignating section 224 as section 
225 and inserting after section 223 the following 
new section: 
‘‘SEC. 224. FLOOD INSURANCE PREMIUMS. 
‘‘(a) DEDUCTION ALLOWED.—In the case of an indi-
vidual, there shall be allowed as a deduction so much of 
the qualified flood insurance premiums paid or incurred 
during the taxable year with respect to property owned 
by the taxpayer which is the principal residence (as such 
term is used in section 121) of the taxpayer during such 
taxable year as do not exceed $1,000. 
‘‘(b) PHASEOUT.— 
‘‘(1) IN GENERAL.—The amount of the credit 
allowable under subsection (a) shall be reduced (but 
not below zero) by $50 for each $1,000 (or fraction 
thereof) by which the taxpayer’s modified adjusted 
gross income exceeds the threshold amount. For 
purposes of the preceding sentence, the term ‘modi-
fied adjusted gross income’ means adjusted gross in-
come increased by any amount excluded from gross 
income under section 911, 931, or 933. 
‘‘(2) THRESHOLD AMOUNT.—For purposes of 
paragraph (1), the term ‘threshold amount’ means— 
‘‘(A) $400,000 in the case of a joint re-
turn, and 
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‘‘(B) $200,000 in the case of any other in-
dividual. 
‘‘(c) QUALIFIED FLOOD INSURANCE PREMIUMS.— 
For purposes of this section, the term ‘qualified flood in-
surance premiums’ means— 
‘‘(1) any premium paid for a private flood in-
surance policy, 
‘‘(2) any chargeable risk premium for flood in-
surance coverage under the program established 
under the National Flood Insurance Act of 1968 (42 
U.S.C. 4001 et seq.) or for coverage under private 
flood insurance, as defined in section 102(b) of the 
Flood Disaster Protection Act of 1973 (42 U.S.C. 
4012a(b)), 
‘‘(3) any Federal Policy Fee, as defined in Ap-
pendix A(1) to part 61 of title 44, Code of Federal 
Regulations, or any successor regulation, 
‘‘(4) any surcharge described in the matter 
after and below paragraph (4)(D) of section 1304(b) 
of the National Flood Insurance Act of 1968 (42 
U.S.C. 4011(b)), and 
‘‘(5) any premium surcharge under section 
1308A of the National Flood Insurance Act of 1968 
(42 U.S.C. 4015a).’’. 
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(2) CLERICAL AMENDMENT.—The table of sec-
tions for part VII of subchapter B of chapter 1 of 
such Code is amended by redesignating the item re-
lating to section 224 as relating to section 225 and 
by inserting after the item relating to section 223 
the following new item: 
‘‘Sec. 224. Flood insurance premiums.’’. 
(b) DEDUCTION ALLOWED
IN DETERMINING AD-
JUSTED GROSS INCOME.—Section 62(a) of such Code is 
amended by inserting after paragraph (21) the following 
new paragraph: 
‘‘(22) FLOOD INSURANCE PREMIUMS.—The de-
duction allowed by section 224.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 74(d)(2)(B) of such Code is amend-
ed by inserting ‘‘224’’ after ‘‘221’’. 
(2) Section 86(b)(2)(A) of such Code is amend-
ed by inserting ‘‘224,’’ after ‘‘221,’’. 
(3) Section 135(c)(4)(A) of such Code is 
amended by inserting ‘‘224,’’ after ‘‘221,’’. 
(4) Section 137(b)(3)(A) of such Code is 
amended by inserting ‘‘224’’ after ‘‘221,’’. 
(5) Section 219(g)(3)(A)(ii) of such Code is 
amended by inserting ‘‘224,’’ after ‘‘221,’’. 
(6) Section 221(b)(2)(C)(i) of such Code is 
amended by inserting ‘‘224,’’ after ‘‘219,’’. 
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(7) Section 469(i)(3)(E)(ii) of such Code is 
amended by inserting ‘‘224,’’ after ‘‘221,’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
Æ 
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