Flood Insurance Relief Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 4494 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 4494 To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 17, 2025 Mr. Donalds introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ 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, (as amended by Public Law 119-21) is amended by redesignating section 226 as section 227 and inserting after section 225 the following new section: ``SEC. 226. 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 premi