S.586

Flood Insurance Affordability Tax Credit Act provides a refundable tax credit for flood insurance premiums.

The Flood Insurance Affordability Tax Credit Act amends the Internal Revenue Code to introduce a refundable tax credit for certain flood insurance premiums. This credit is equal to 33 percent of the applicable flood insurance premiums paid or incurred by the taxpayer during the taxable year. The credit is subject to a phaseout based on household income and is not available to married individuals filing separate returns or to dependents. The bill also establishes a program for advance payments of the credit, subject to certain limitations.