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New Tax Deduction for Flood Insurance Premiums for Homeowners.

This Act creates a new tax deduction allowing property owners to subtract the cost of flood insurance premiums directly from their gross income. This change reduces taxable income, potentially leading to lower tax bills for eligible individuals. The deduction applies to both federal and private flood insurance, but is subject to specific income limits.
Key points
Allows taxpayers to deduct qualified flood insurance premiums and associated fees directly from their Adjusted Gross Income (AGI).
The deduction is capped: it is unavailable for individuals earning over $200,000 ($400,000 for joint filers).
Covers premiums paid for both the National Flood Insurance Program (NFIP) and private flood insurance policies.
The deduction takes effect for taxable years beginning after the date the Act is enacted.
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Additional Information
Print number: 118_HR_8102
Sponsor: Rep. Donalds, Byron [R-FL-19]
Process start date: 2024-04-20
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Flood Insurance Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8102.

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 2024-04-20.

What are the main provisions?

Key points include:

  • Allows taxpayers to deduct qualified flood insurance premiums and associated fees directly from their Adjusted Gross Income (AGI).
  • The deduction is capped: it is unavailable for individuals earning over $200,000 ($400,000 for joint filers).
  • Covers premiums paid for both the National Flood Insurance Program (NFIP) and private flood insurance policies.
  • The deduction takes effect for taxable years beginning after the date the Act is enacted.
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. Donalds, Byron [R-FL-19].

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 2025-12-25.

CATEGORIES

Taxes Real Estate