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Flood Insurance Tax Deduction: Lower Costs for Homeowners

This new law allows individuals to deduct flood insurance premiums for their primary residence from their taxes. The goal is to ease the financial burden of protecting against flood damage. This means citizens could pay less in taxes if they incur flood insurance costs for their main home.
Key points
You can deduct up to $1,000 annually for flood insurance premiums on your primary residence.
The deduction applies to both public and private flood insurance, including fees and surcharges.
The deduction amount may be reduced for higher earners: above $400,000 for joint filers, and above $200,000 for others.
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Additional Information
Print number: 118_HR_10004
Sponsor: Rep. Gottheimer, Josh [D-NJ-5]
Process start date: 2024-10-18
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FLOAT Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10004.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-10-18.

What are the main provisions?

Key points include:

  • You can deduct up to $1,000 annually for flood insurance premiums on your primary residence.
  • The deduction applies to both public and private flood insurance, including fees and surcharges.
  • The deduction amount may be reduced for higher earners: above $400,000 for joint filers, and above $200,000 for others.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Gottheimer, Josh [D-NJ-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Real Estate