S.2313

Flood Insurance Relief Act: Allows above-the-line deduction for flood insurance premiums.

The Flood Insurance Relief Act amends the Internal Revenue Code to provide an above-the-line deduction for flood insurance premiums. This deduction applies to premiums paid or incurred during the taxable year with respect to property owned by the taxpayer. The deduction is not available to taxpayers with an adjusted gross income exceeding $200,000 (or $400,000 for joint returns). The Act includes conforming amendments to various sections of the Internal Revenue Code and applies to taxable years beginning after the date of enactment.