Title: Small Business Surcharge Relief Act
Policy area: Finance and Financial Sector

Summary:
Small Business Surcharge Relief Act
This bill partially exempts small businesses and nonprofit organizations from the Homeowner Flood Insurance Affordability Act (HFIAA) surcharge. The bill limits application of the HFIAA surcharge to two buildings on the same property, exempting additional buildings. The business or organization must certify that the savings will be used for flood mitigation on the property.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2704 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 2704

  To amend the National Flood Insurance Act of 1968 to provide relief 
    from surcharges to small businesses and nonprofit organizations.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            August 10, 2021

 Mr. Wicker (for himself and Mrs. Hyde-Smith) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the National Flood Insurance Act of 1968 to provide relief 
    from surcharges to small businesses and nonprofit organizations.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Surcharge Relief 
Act''.

SEC. 2. RELIEF FROM SURCHARGE.

    Section 1308A(a) of the National Flood Insurance Act of 1968 (42 
U.S.C. 4015a(a)) is amended--
            (1) in the first sentence, by striking ``The 
        Administrator'' and inserting the following:
            ``(1) In general.--Except as provided in paragraph (2), the 
        Administrator''; and
            (2) by adding at the end the following:
            ``(2) Relief for small businesses and nonprofits.--
                    ``(A) Definition.--In this paragraph, the term 
                `covered small business or nonprofit organization' 
                means a small business concern (as defined in section 3 
                of the Small Business Act (15 U.S.C. 632)) or an 
                organization that is described in section 501(c)(3) of 
                the Internal Revenue Code of 1986 and is exempt from 
                taxation under section 501(a) of such Code that owns 
                not fewer than 3 structures that are located on a 
                single property.
                    ``(B) Relief.--The Administrator may not impose a 
                surcharge under this section for a policy for flood 
                insurance coverage under the National Flood Insurance 
                Program for a covered small business concern or 
                nonprofit organization with respect to more than 2 
                detached units or buildings located on a single 
                property if the covered small business or nonprofit 
                organization certifies to the Administrator that the 
                savings from the surcharge not being imposed shall be 
                used for flood mitigation on the property on which the 
                units or buildings are located.''.
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