[United States Statutes at Large, Volume 126, 112th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]


Public Law 112-123
112th Congress

An Act


 
To extend the National Flood Insurance Program, 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. 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

[[Page 366]]

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.

Approved May 31, 2012.

LEGISLATIVE HISTORY--H.R. 5740:
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CONGRESSIONAL RECORD, Vol. 158 (2012):
May 16, 17, considered and passed House.
May 24, considered and passed Senate, amended.
May 30, House concurred in Senate amendment.