FLOAT Act of 2024

Bill: 118-hr-10004
Sponsor: full_name: Rep. Gottheimer, Josh [D-NJ-5]
Introduced: 2024-10-18
Policy area: Taxation
Latest action: action_date: 2024-10-18
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 10004 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.

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 . 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 amended by redesignating section 224 as section 225 and inserting after section 223 the following new section: 224. Flood insurance premiums (a) Deduction allowed In the case of an individual, 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 modified adjusted gross income means adjusted gross income 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 return, and (B) $200,000 in the case of any other individual. (c) Qualified flood insurance premiums For purposes of this section, the term qualified flood insurance premiums means— (1) any premium paid for a private flood insurance policy, (2) any chargeable risk premium for flood insurance 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 Appendix 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 ). . (2) Clerical amendment The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by redesignating the item relating 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 adjusted gross income Section 62(a) of such Code is amended by inserting after paragraph (21) the following new paragraph: (22) Flood insurance premiums The deduction allowed by section 224. . (c) Conforming amendments (1) Section 74(d)(2)(B) of such Code is amended by inserting 224 after 221 . (2) Section 86(b)(2)(A) of such Code is amended 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, . (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.