[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6413 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6413

   To prohibit the Administrator of the Federal Emergency Management 
  Agency from updating flood maps until the Administrator submits to 
      Congress a community outreach plan, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 26, 2008

 Mr. Pallone introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
   Ways and Means, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
   To prohibit the Administrator of the Federal Emergency Management 
  Agency from updating flood maps until the Administrator submits to 
      Congress a community outreach plan, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MORATORIUM ON FLOOD MAP UPDATES.

    The Administrator of the Federal Emergency Management Agency may 
not revise and update a floodplain area or flood-risk zone under 
section 1360(f) of the National Flood Insurance Act of 1968 (42 U.S.C. 
4101(f)) until the date on which the Administrator submits to Congress 
a community outreach plan for the updating of floodplain areas and 
flood-risk zones.

SEC. 2. REFUNDABLE CREDIT FOR RESIDENTIAL PROPERTY LOCATED IN EXPANDED 
              FLOOD ZONE.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to refundable credits) 
is amended by redesignating section 36 as section 37 and by inserting 
after section 35 the following new section:

``SEC. 36. NEW FLOOD ZONE PREMIUM CREDIT.

    ``(a) Allowance of Credit.--In the case of an eligible individual, 
there shall be allowed as a credit against the tax imposed by this 
chapter for the taxable year an amount equal to the premium paid by the 
taxpayer for flood insurance under the National Flood Insurance Act of 
1968 (42 U.S.C. 4001 et seq.) covering any residential property of the 
taxpayer which is a qualified flood risk property.
    ``(b) Limitations.--
            ``(1) Limitation based on income.--
                    ``(A) In general.--The amount which would (but for 
                this subsection) be allowable as a credit under this 
                section shall be reduced (but not below zero) by the 
                amount determined under subparagraph (B).
                    ``(B) Amount of reduction.--The amount determined 
                under this subparagraph is the amount which bears the 
                same ratio to the amount which would be so taken into 
                account as--
                            ``(i) the excess of--
                                    ``(I) the taxpayer's modified 
                                adjusted gross income for such taxable 
                                year, over
                                    ``(II) $50,000 ($100,000 in the 
                                case of a joint return), bears to
                            ``(ii) $100,000 ($200,000 in the case of a 
                        joint return).
                    ``(C) Modified adjusted gross income.--For purposes 
                of subparagraph (B), the term `modified adjusted gross 
                income' means adjusted gross income determined--
                            ``(i) without regard to this section and 
                        sections 199, 222, 911, 931, and 933, and
                            ``(ii) after application of sections 86, 
                        135, 137, 219, 221, and 469.
            ``(2) Limitation based on period.--No amount shall be 
        allowed as a credit under subsection (a) with respect to any 
        residential property after the end of the 4th calendar 
        beginning after the calendar year in which the map referred to 
        in subsection (c)(1) first became effective.
    ``(c) Qualified Flood Risk Property.--For purposes of this section, 
the term `qualified flood risk property' means a residential property 
(within the meaning of the National Flood Insurance Act of 1968) 
which--
            ``(1) is located in a floodplain area or flood-risk zone, 
        as depicted on a flood insurance rate map revised and updated 
        pursuant to section 1360(f) of the National Flood Insurance Act 
        of 1968 (41 U.S.C. 4101),
            ``(2) was outside of any floodplain area or flood-risk zone 
        prior to such revision and updating, and
            ``(3) with respect to which--
                    ``(A) the taxpayer owned such property on the date 
                such revised and updated map first became effective, or
                    ``(B) the purchase or construction of which by the 
                taxpayer was subject to a binding written contract on 
                such date.''.
    (b) Conforming Amendments.--
            (1) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting ``, 36'' after ``35''.
            (2) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by striking the item relating to section 36 and 
        inserting the following new items:

``Sec. 36. New flood zone premium credit.
``Sec. 37. Overpayments of tax.''.
    (c) Effective Date; Waiver of Limitations.--
            (1) In general.--The amendments made by this section shall 
        apply with respect to any flood insurance rate map which 
        becomes effective pursuant to section 1360(f) of the National 
        Flood Insurance Act of 1968 (41 U.S.C. 4101).
            (2) Waiver of limitations.--If refund or credit of any 
        overpayment of tax resulting from the amendments made by this 
        section is prevented at any time before the close of the 1-year 
        period beginning on the date of the enactment of this Act by 
        the operation of any law or rule of law (including res 
        judicata), such refund or credit may nevertheless be made or 
        allowed if claim therefor is filed before the close of such 
        period.

SEC. 3. GRANT PROGRAM TO IMPROVE COMMUNITY RATING.

    Section 1315(b) of the National Flood Insurance Act of 1968 (42 
U.S.C. 4022(b)) is amended--
            (1) by redesignating paragraph (4) as paragraph (5); and
            (2) by inserting after paragraph (3) the following new 
        paragraph:
            ``(5) Grants.--The program shall provide grants to 
        communities for projects to improve the community rating of the 
        communities under the program.''.
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