3.0.0 586 2025-09-29T14:44:53Z 2025-09-29T14:44:53Z Senate S S 2025-02-13 119 https://www.congress.gov/bill/119th-congress/senate-bill/586 ssfi00 Finance Committee Senate Standing Referred To 2025-02-13T18:16:57Z 2025-02-13 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2025-02-13 Introduced in Senate IntroReferral 10000 9 Library of Congress C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA N B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2025-02-13 True Taxation Taxation 2025-05-06T16:33:47Z

00 2025-02-13 Introduced in Senate 2025-09-29T14:44:21Z <p><strong>Flood Insurance Affordability Tax Credit Act</strong></p><p>This bill establishes a new refundable tax credit for up to 33% of the flood insurance premiums paid (or incurred) under the National Flood Insurance Program to insure a principal residence. The bill also requires the Internal Revenue Service (IRS) to establish a program for paying the tax credit in advance.</p><p>Under the bill, the tax credit for flood insurance premiums may be reduced depending on the taxpayer’s household income in relation to the federal poverty line (FPL). The tax credit begins to phase out once a taxpayer’s household income is 350% of the FPL and is completely phased out once a taxpayer’s household income reaches 435% of the FPL. (Other limitations may apply.)</p><p>Further, the tax credit for flood premiums may not be claimed by a married taxpayer who files a separate federal income tax return or a taxpayer who may be claimed as a dependent.</p><p>Finally, the bill requires the IRS to establish a program that allows a taxpayer to receive the allowable tax credit amount for flood insurance premiums (based on tax return information for the most recent tax year available) in advance.</p>

Display Title 45 2025-03-14T03:38:17Z Short Title(s) as Introduced 101 2025-03-14T03:38:16Z Introduced in Senate IS Official Title as Introduced 6 2025-03-14T03:33:38Z Introduced in Senate IS Introduced in Senate 2025-02-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119s586is/xml/BILLS-119s586is.xml 2025-02-13 Read twice and referred to the Committee on Finance. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.