S. 2313

119 S2313 IS: Flood Insurance Relief Act
 U.S. Senate
 2025-07-16
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 2313  IN THE SENATE OF THE UNITED STATES   July 16, 2025   Mr. Scott of Florida  (for himself and  Mrs. Moody ) introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums.
1.
Short title
This Act may be cited as the   Flood Insurance Relief Act  .
2.
Deduction for flood insurance premiums
(a)
Allowance of deduction
(1)
In general
Part VII of subchapter B of  chapter 1  of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and inserting after section 223 the following new section:
224.
Flood insurance premiums
(a)
Deduction allowed
In the case of an individual, there shall be allowed as a deduction qualified flood insurance premiums paid or incurred during the taxable year with respect to property owned by the taxpayer.
(b)
Limitation
(1)
In general
Subsection (a) shall not apply with respect to any taxpayer whose adjusted gross income for the taxable year exceeds $200,000 ($400,000 in the case of a joint return).
(2)
Application
For purposes of paragraph (1), the adjusted gross income of the taxpayer shall be determined—
(A)
after application of sections 86, 135, 137, 219, 221, and 469, and
(B)
without regard to this section.
(c)
Qualified flood insurance premiums
For purposes of this section, the term  qualified flood insurance premiums  means—
(1)
any chargeable risk premium rate for flood insurance under the program established under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq. ) or the payment of any premium under private flood insurance, as defined in section 102(b) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a(b) ),
(2)
any Federal Policy Fee, as defined in Appendix A(1) to part 61 of title 44, Code of Federal Regulations, or any successor regulation,
(3)
any surcharge described in the flush text following subparagraph (D) of section 1304(b)(4) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b)(4) ), and
(4)
any premium surcharge under section 1308A of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015a ).
 .
(2)
Clerical amendment
The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by redesignating the item relating to section 224 as relating to section 225 and by inserting after the item relating to section 223 the following new item:
Sec. 224. Flood insurance premiums.
  .
(b)
Deduction allowed in determining adjusted gross income
 Section 62(a)  of the Internal Revenue Code of 1986 is amended by inserting after paragraph (21) the following new paragraph:
(22)
Flood insurance premiums
The deduction allowed by section 224.
 .
(c)
Conforming amendments
(1)
 Section 74(d)(2)(B)  of the Internal Revenue Code of 1986 is amended by inserting  224  after  221 .
(2)
Section 86(b)(2)(A) of such Code is amended by inserting  224,  after  221, .
(3)
Section 135(c)(4)(A) of such Code is amended by inserting  224,  after  221, .
(4)
Section 137(b)(3)(A) of such Code is amended by inserting  224  after  221, .
(5)
Section 219(g)(3)(A)(ii) of such Code is amended by inserting  224,  after  221, .
(6)
Section 221(b)(2)(C)(i) of such Code is amended by inserting  224,  after  219, .
(7)
Section 469(i)(3)(E)(ii) of such Code is amended by inserting  224,  after  221, .
(d)
Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.