Rep. Byron Donalds (R-FL) announced the reintroduction of HR 4494, “The Flood Insurance Relief Act,” which is designed to provide tax relief for flood insurance customers.
The proposed legislation creates a non-refundable tax deduction for flood insurance premiums. The deduction will apply to premiums, federal policy fees, and surcharges associated with the National Flood Insurance Program and qualifying private flood insurance. The deduction applies only to premiums tied to property owned by the taxpayer.
The bill’s proposed deduction would not apply to individuals who have a gross income of more than $200,000 or $400,000 for joint filers.
A companion bill, S. 2313 – “The Flood Insurance Relief Act,” is sponsored in the Senate by Sen. Rick Scott (R-FL) and co-led by Sen. Ashley Moody (R-FL). Last Congress, the “The Flood Insurance Relief Act” was introduced by Rep. Donalds as H.R. 8102 and by Sen. Rick Scott as S. 4143.
“For far too long, the rising cost of flood insurance has crushed hardworking Floridians,” said Donalds. “This is unacceptable, this must change, and this critical issue must be addressed to ensure our economy works for all Americans. The time for action is now, and I’m proud to join Senator Rick Scott in introducing the Flood Insurance Relief Act to provide this overdue relief to policyholders across our Southwest Florida community, the Sunshine State, and the nation.”
Thank you for assisting Floridians and helping with so many rising costs for middle America.
Outstanding idea!! Thank you.
Louisiana residents are struggling and far too many are choosing to drop coverage because of costs-at every renewal more people who own property that is not mortgaged are making that choice. Older people and those on limited income are particularly struggling.
Something needs to happen before more people risk their property due to high costs with no relief whatsoever.
Flood premiums are too high. This would help annually, but still have to come up with monthly more CASH!
Praise Be !!!
Just keep Maxine Waters away from this.
Why didn’t they propose and pass a bill for all the fires in California! We have been devastated by fires and many insurance companies have pulled out of California leaving current and new homeowners to apply to Cal Fair Plan which is a high- cost insurance solution but forces many to have to think twice about keeping their homes or new home buyers from purchasing a new home.
I’LL BE THRILLED IF THIS PASSES
As SOON as I have this house paid for – I will self ensure — the hazard insurance, the flood insurance the property taxes are ALL through the roof.
In our case, over 40 years in this house and hazard insurance has risen from $350 annually to over $5,500 annually. How many claims have we made? You KNOW the answer. Our deductible is always too high and the things NOT covered are numerous.
The president of SLIDE INSURANCE and his wife took home 37.7 MILLION dollars last year as their compensation. THAT is $112 from each and every insurance policy in the state of Florida written with SLIDE INSURANCE.
Nice work IF you can get it.
Flood insurance was (in the past) subsidised by the Federal government, and ALL taxpayers had to pay for insurance for those who lived by the ocean, or a beautiful river, without having those benefits to enjoy. If the Government wants to help subsidize these fees, it shouldn’t make those of us who don’t have the privilege of enjoying the benefits associated with these disaster zones pay for them. When you look out your window and all you see is a cornfield, it’s just not fair. Sorry.
I believe there will be an increased for flood relief. In the dozens of new projects in TN, there has been no mention of any preventive measures to address the inevitable growth of the flood plain.