Small Business Surcharge Relief Act

Bill: 117-s-2704
Sponsor: full_name: Sen. Wicker, Roger F. [R-MS]
Introduced: 2021-08-10
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-08-10
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-08-10
action_desc: Introduced in Senate
text: <p><b>Small Business Surcharge Relief Act</b></p> <p>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.</p>

tv_txt: II 117th CONGRESS 1st Session S. 2704 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.

1. Short title This Act may be cited as the Small Business Surcharge Relief Act . 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. .