119-s2313

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2313 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 2313

To amend the Internal Revenue Code of 1986 to provide an above-the-line 
 deduction for flood insurance premiums.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 16, 2025

 Mr. Scott of Florida (for himself and Mrs. Moody) introduced the 
 following bill; which was read twice and referred to the Committee on 
 Finance

_______________________________________________________________________

 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 is amended by redesignating 
 

section 224 as 

section 225 and inserting after 

section 223 the 
 following new section:

``

SEC. 224. 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 premiums' means--
 ``

    (1) any chargeable risk premium rate for flood insurance 
 under the program established under the National Flood 
 Insurance Act of 1968 (42 U.S.C. 4001 et seq.) or the payment 
 of any premium under private flood insurance, as defined in 
 

section 102

    (b) of the Flood Disaster Protection Act of 1973 (42 
 U.S.C. 4012a

    (b) ),
 ``

    (2) any Federal Policy Fee, as defined in Appendix A

    (1) to part 61 of title 44, Code of Federal Regulations, or any 
 successor regulation,
 ``

    (3) any surcharge described in the flush text following 
 subparagraph
            (D) of 

section 1304

    (b)

    (4) of the National Flood 
 Insurance Act of 1968 (42 U.S.C. 4011

    (b)

    (4) ), and
 ``

    (4) any premium surcharge under 

section 1308A of the 
 National Flood Insurance Act of 1968 (42 U.S.C. 4015a).''.

    (2) Clerical amendment.--The table of sections for part VII 
 of subchapter B of chapter 1 of such Code is amended by 
 redesignating the item relating to 

section 224 as relating to 
 

section 225 and by inserting after the item relating to 

section 223 the following new item:

``

Sec. 224. Flood insurance premiums.''.

    (b) Deduction Allowed in Determining Adjusted Gross Income.--

Section 62

    (a) of the Internal Revenue Code of 1986 is amended by 
inserting after paragraph

    (21) the following new paragraph:
 ``

    (22) Flood insurance premiums.--The deduction allowed by 
 

section 224.''.
            (c) Conforming Amendments.--

    (1) Section 74
            (d) (2)
        (B) of the Internal Revenue Code of 
 1986 is amended by inserting ``224'' after ``221''.

    (2) Section 86

    (b)

    (2)
        (A) of such Code is amended by 
 inserting ``224,'' after ``221,''.

    (3) Section 135
            (c) (4)
        (A) of such Code is amended by 
 inserting ``224,'' after ``221,''.

    (4) Section 137

    (b)

    (3)
        (A) of such Code is amended by 
 inserting ``224'' after ``221,''.

    (5) Section 219

    (g)

    (3)
        (A)
            (ii) of such Code is amended by 
 inserting ``224,'' after ``221,''.

    (6) Section 221

    (b)

    (2)
            (C) 
            (i) of such Code is amended by 
 inserting ``224,'' after ``219,''.

    (7) Section 469
            (i) (3)
        (E)
            (ii) of such Code is amended by 
 inserting ``224,'' after ``221,''.
            (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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