H.R. 4494

119 HR 4494 IH: Flood Insurance Relief Act
 U.S. House of Representatives
 2025-07-17
 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.
 I  119th CONGRESS  1st Session  H. R. 4494  IN THE HOUSE OF REPRESENTATIVES   July 17, 2025   Mr. Donalds  introduced the following bill; which was referred to the  Committee on Ways and Means    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, (as amended by  Public Law 119–21 ) is amended by redesignating section 226 as section 227 and inserting after section 225 the following new section:
226.
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 for flood insurance coverage under the program established under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq. ) or for coverage 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 matter after and below paragraph (4)(D) of section 1304(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ), 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 (as amended by  Public Law 119–21 ) is amended by redesignating the item relating to section 226 as relating to section 227 and by inserting after the item relating to section 225 the following new item:
Sec. 226. 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 226.
 .
(c)
Conforming amendments
(1)
 Section 74(d)(2)(B)  of the Internal Revenue Code of 1986 is amended by inserting  226  after  221 .
(2)
Section 86(b)(2)(A) of such Code is amended by inserting  226,  after  221, .
(3)
Section 135(c)(4)(A) of such Code is amended by inserting  226,  after  221, .
(4)
Section 137(b)(3)(A) of such Code is amended by inserting  226  after  221, .
(5)
Section 219(g)(3)(A)(ii) of such Code is amended by inserting  226,  after  221, .
(6)
Section 221(b)(2)(C)(ii) of such Code is amended by inserting  226,  after  219, .
(7)
Section 469(i)(3)(E)(iii) of such Code is amended by inserting  226,  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.