The FLOAT Act of 2024 would allow homeowners to deduct up to $1,000 of their annual flood insurance premiums directly from their federal income taxes. This deduction would apply to premiums paid for private flood insurance policies or coverage under the National Flood Insurance Program, as well as related federal policy fees and surcharges. The deduction would phase out for higher-income taxpayers, reducing by $50 for every $1,000 of income above $200,000 for single filers or $400,000 for joint filers. The bill affects homeowners in flood-prone areas who carry flood insurance on their primary residences and would take effect for tax years beginning after the law's enactment. No specific funding amount is mentioned, as the provision works through the tax code rather than through appropriated funds.
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