[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4143 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4143

To amend the Internal Revenue Code of 1986 to provide an above-the-line 
                deduction for flood insurance premiums.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 17, 2024

  Mr. Scott of Florida 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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flood Insurance Relief Act''.

SEC. 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:

``SEC. 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.
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