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.
Status:
Expired
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