US S. 586

Establishes a refundable federal tax credit for up to 33% of NFIP flood insurance premiums paid for a primary residence. Credit phases out at 350-435% of the federal poverty line. Includes advance payment mechanism via IRS. Directly reduces insurance cost burden on homeowners in flood-prone areas.

Status

Introduced

Topic

Flood Insurance Affordability Tax Credit Act

Session

119th Congress