The Flood Insurance Relief Act would allow homeowners to deduct flood insurance premiums directly from their income taxes as an "above-the-line" deduction, meaning they can claim it without itemizing other deductions. The deduction would cover premiums paid for both federal flood insurance through the National Flood Insurance Program and private flood insurance, along with associated fees and surcharges. However, the benefit phases out for higher-income households, with the deduction unavailable to individuals earning more than $200,000 per year or married couples earning more than $400,000. The bill would take effect for tax years beginning after its enactment, with no specific funding or sunset date specified.
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