New Tax Credit: Up to 33% Refund on Flood Insurance Premiums.
This bill establishes a new refundable tax credit covering up to 33% of premiums paid for federal flood insurance on a principal residence. The goal is to make flood insurance more affordable, particularly for low-to-moderate income households, as the credit amount is phased out based on household income relative to the poverty line. Citizens can receive this financial relief either when filing their annual taxes or through advance payments throughout the year.
Key points
You can claim a refundable tax credit equal to 33% of the premiums paid for National Flood Insurance Program (NFIP) coverage on your main home.
The credit is refundable, meaning you can receive the money even if you owe no taxes.
The amount of the credit is reduced (phased out) if your household income exceeds 350% of the federal poverty line for your family size.
The law allows for advance payments of the credit during the year, providing immediate relief on insurance costs.
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