Part oftaxes →

HR10004FEDERALIN_COMMITTEE

Proposed Tax Deduction for Flood Insurance Premiums

Original title: FLOAT Act of 2024

October 18, 2024

taxes flood insurance housing federal legislation

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Where This Stands

Introduced

Committee

Floor Vote

Passed

Signed

Currently IN_COMMITTEE. The next step in the legislative lifecycle is Floor Vote.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

The Frame

What this does

This bill would lower the federal tax burden for homeowners who pay for flood insurance, potentially reducing the net cost of maintaining coverage for properties in flood-prone areas.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Homeowners with flood insurance

These individuals would be eligible to claim a tax deduction for their insurance premiums.

High-income taxpayers

Taxpayers exceeding the income thresholds would see their potential deduction reduced or eliminated.

What changed

Current stage: IN_COMMITTEE.

What's next

Floor Vote.

Summary

The FLOAT Act of 2024 would allow homeowners to deduct up to $1,000 in flood insurance premiums from their federal taxable income. This tax break would be phased out for individuals with a above $200,000 or joint filers earning over $400,000.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Can I deduct premiums for a vacation home?

No, the deduction only applies to premiums paid for the taxpayer's .

Is there an income limit to qualify for this deduction?

Yes, the deduction begins to phase out for individuals earning over $200,000 and joint filers earning over $400,000.

What types of flood insurance premiums are covered?

The bill covers private flood insurance, NFIP premiums, Federal Policy Fees, and specific surcharges defined in the National Flood Insurance Act.

Why It Matters

This bill would lower the federal tax burden for homeowners who pay for flood insurance, potentially reducing the net cost of maintaining coverage for properties in flood-prone areas.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Expansion of Tax Deductions

The bill represents a shift toward using the tax code to offset the rising costs of climate-related insurance premiums.

Internal Revenue Code of 1986

Connected Entities

otherNational Flood Insurance Act of 1968“The act under which flood insurance coverage is provided”Map →

otherAppendix A(1) to part 61 of title 44“Reference to a specific regulation”Map →

personGarbarino“Co-sponsored the bill in the House of Representatives”Map →

personGottheimer“Introduced the bill in the House of Representatives”Map →

bill_numberInternal Revenue Code of 1986“The law being amended”Map →

otherFlood Disaster Protection Act of 1973“The act related to flood insurance premiums”Map →

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz30
Current news / social attention level

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