New Tax Deduction for Flood Insurance Premiums for Homeowners.
This bill introduces a new tax deduction allowing property owners to subtract the cost of flood insurance premiums directly from their gross income. This "above-the-line" deduction aims to reduce the financial burden of protecting property in flood-prone areas. The benefit is limited to individuals earning less than $200,000 ($400,000 for joint filers).
Key points
Allows taxpayers to deduct premiums paid for both federal and private flood insurance directly from their income, lowering their taxable amount.
The deduction is restricted to taxpayers whose Adjusted Gross Income is below $200,000 ($400,000 for married couples filing jointly).
The change applies to taxable years beginning after the law is enacted.
Expired
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