‘‘(A) in the case of a joint return, 1.5 per-
cent of so much of the taxpayer’s income for 
such taxable year as exceeds $100,000, and 
‘‘(B) in any other case, 3 percent of so 
much of the taxpayer’s income for such taxable 
year as exceeds $50,000. 
‘‘(2) PRIVATE FLOOD INSURANCE EXPENSE.— 
The amount determined under subsection (a)(2) for 
a taxpayer for a taxable year shall be reduced (but 
not below zero) by— 
‘‘(A) in the case of a joint return, 3 per-
cent of so much of the taxpayer’s income for 
such taxable year as exceeds $100,000, and 
‘‘(B) in any other case, 6 percent of so 
much of the taxpayer’s income for such taxable 
year as exceeds $50,000. 
‘‘(3) FEDERAL
CONTENTS
COVERAGE
FLOOD 
INSURANCE
EXPENSE.—The amount determined 
under subsection (a)(3) for a taxpayer for a taxable 
year shall be reduced (but not below zero) by— 
‘‘(A) in the case of a joint return, 0.6 per-
cent of so much of the taxpayer’s income for 
such taxable year as exceeds $100,000, and 
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‘‘(B) in any other case, 1.2 percent of so 
much of the taxpayer’s income for such taxable 
year as exceeds $50,000. 
‘‘(c) DEFINITION.—For purposes of this section: 
‘‘(1) FEDERAL FLOOD INSURANCE EXPENSE.— 
The term ‘Federal flood insurance expense’ means 
the excess of— 
‘‘(A) amounts paid or incurred as pre-
miums for flood insurance coverage made avail-
able under the National Flood Insurance Act of 
1968, over 
‘‘(B) Federal contents coverage flood in-
surance expense. 
‘‘(2) PRIVATE FLOOD INSURANCE EXPENSE.— 
The term ‘private flood insurance expense’ means 
amounts paid or incurred as premiums for flood in-
surance coverage other than flood insurance cov-
erage made available under the National Flood In-
surance Act of 1968, including such coverage for the 
contents of a structure. 
‘‘(3) FEDERAL
CONTENTS
COVERAGE
FLOOD 
INSURANCE EXPENSE.—The term ‘Federal contents 
coverage flood insurance expense’ means amounts 
paid or incurred as premiums for flood insurance 
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coverage made available under the National Flood 
Insurance Act of 1968 for contents of a structure. 
‘‘(d) PRIMARY RESIDENCE.—Federal flood insurance 
expenses, private flood insurance expenses, and Federal 
contents coverage flood insurance expenses shall only be 
taken into account to the extent that such expenses are 
paid or incurred for coverage related to the taxpayer’s 
principal residence. 
‘‘(e) DENIAL OF DOUBLE BENEFIT.—No credit shall 
be allowed under subsection (a) for any amount with re-
spect to which a deduction is allowed due to subsection 
(c) or (e) of section 280A. 
‘‘(f) INFLATION ADJUSTMENT.—In the case of any 
taxable year beginning in calendar years after 2019, each 
of the dollar amounts in subsections (a) and (b) shall be 
increased by an amount equal to— 
‘‘(1) such dollar amount, multiplied by 
‘‘(2) the cost-of-living adjustment determined 
under section 1(f)(3) for the calendar year in which 
the taxable year begins, determined by substituting 
‘2018’ for ‘2019’ in subparagraph (A)(ii) thereof. 
If any amount after adjustment under the preceding sen-
tence is not a multiple of $50, such amount shall be 
rounded to the next lowest multiple of $50.’’. 
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(b) CLERICAL AMENDMENT.—The table of sections 
for subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by in-
serting after the item relating to section 25D the following 
new item: 
‘‘Sec. 25E. Flood insurance expenses.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2018. 
Æ 
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