This bill creates a new federal tax credit to help homeowners afford flood insurance premiums through the National Flood Insurance Program. The credit would cover 33 percent of flood insurance premiums paid for a principal residence, with the benefit phasing out for households earning more than 350 percent of the federal poverty line and completely eliminated at 435 percent of the poverty line. The legislation also establishes an advance payment program that allows the Treasury Department to pay a portion of flood insurance premiums directly to the Federal Emergency Management Agency on behalf of eligible homeowners, rather than waiting for the credit to be claimed at tax time. The bill applies to flood insurance premiums paid starting in the year after it becomes law, and married couples must file jointly to claim the credit. This measure would primarily benefit lower and middle-income homeowners in flood-prone areas who currently struggle with the cost of federally required flood insurance.