This bill allows homeowners to deduct flood insurance premiums from their federal income taxes. Individuals can claim an "above-the-line" deduction for premiums paid on both government-backed flood insurance through the National Flood Insurance Program and private flood insurance policies, along with related fees and surcharges. The deduction is available only to taxpayers earning less than $200,000 annually (or $400,000 for joint returns), and it applies to tax years beginning after the bill becomes law. The provision is designed to reduce the financial burden of flood insurance costs for lower and middle-income homeowners in flood-prone areas.
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