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Flood Insurance Tax Credit and Advance Payments for Homeowners

This new act introduces a tax credit for individuals paying flood insurance premiums for their primary residence. Citizens can receive a 33% refund of paid premiums and also benefit from advance payments to cover these costs, aiming to reduce the financial burden associated with flood protection.
Key points
Ability to recover 33% of flood insurance costs for a primary residence through a tax credit.
Availability of advance payments to cover a portion of insurance premiums, improving financial liquidity.
The credit is limited for higher-income individuals to support those most in need.
Requirement for married individuals to file a joint return to claim the credit.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_586
Sponsor: Sen. Cassidy, Bill [R-LA]
Process start date: 2025-02-13
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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

Flood Insurance Affordability Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_586.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-13.

What are the main provisions?

Key points include:

  • Ability to recover 33% of flood insurance costs for a primary residence through a tax credit.
  • Availability of advance payments to cover a portion of insurance premiums, improving financial liquidity.
  • The credit is limited for higher-income individuals to support those most in need.
  • Requirement for married individuals to file a joint return to claim the credit.
What is the specific legal status?

The current status is Introduced.

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 Sen. Cassidy, Bill [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Real Estate Benefits