[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5740 Engrossed Amendment Senate (EAS)]

                  In the Senate of the United States,

                                                          May 24, 2012.
    Resolved, That the bill from the House of Representatives (H.R. 
5740) entitled ``An Act to extend the National Flood Insurance Program, 
and for other purposes.'', do pass with the following

                               AMENDMENT:

            Strike all after the enacting clause and insert the 
      following:

SECTION 1. EXTENSION OF THE NATIONAL FLOOD INSURANCE PROGRAM.

    (a) Program Extension.--Section 1319 of the National Flood 
Insurance Act of 1968 (42 U.S.C. 4026) is amended by striking ``the 
earlier of the date of the enactment into law of an Act that 
specifically amends the date specified in this section or May 31, 
2012'' and inserting ``July 31, 2012''.
    (b) Financing.--Section 1309(a) of the National Flood Insurance Act 
of 1968 (42 U.S.C. 4016(a)) is amended by striking ``the earlier of the 
date of the enactment into law of an Act that specifically amends the 
date specified in this section or May 31, 2012'' and inserting ``July 
31, 2012''.

SEC. 2. EXCLUSION OF VACATION HOMES AND SECOND HOMES FROM RECEIVING 
              SUBSIDIZED PREMIUM RATES.

    (a) In General.--Section 1307(a)(2) of the National Flood Insurance 
Act of 1968 (42 U.S.C. 4014(a)(2)) is amended by inserting before ``; 
and'' the following: ``, except that the Administrator shall not 
estimate rates under this paragraph for any residential property which 
is not the primary residence of an individual''.
    (b) Phase-out of Subsidized Premium Rates.--Section 1308(e) of the 
National Flood Insurance Act of 1968 (42 U.S.C. 4015(e)) is amended--
            (1) by striking ``under this title for any properties 
        within any single'' and inserting the following: ``under this 
        title for--
            ``(1) any properties within any single''; and
            (2) by striking the period at the end and inserting the 
        following: ``; and
            ``(2) any residential properties which are not the primary 
        residence of an individual, as described in section 1307(a)(2), 
        shall be increased by 25 percent each year, until the average 
        risk premium rate for such properties is equal to the average 
        of the risk premium rates for properties described under 
        paragraph (1).''.
    (c) Effective Date.--The first increase in chargeable risk premium 
rates for residential properties which are not the primary residence of 
an individual under section 1308(e)(2) of the National Flood Insurance 
Act of 1968, as added by this Act, shall take effect on July 1, 2012, 
and the chargeable risk premium rates for such properties shall be 
increased by 25 percent each year thereafter, as provided in such 
section 1308(e)(2).

SEC. 3. COMPLIANCE WITH PAYGO.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

            Attest:

                                                             Secretary.
112th CONGRESS

  2d Session

                               H.R. 5740

_______________________________________________________________________

                               AMENDMENT