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HR 3924 113th Congress House Emergency Management Congressional oversight Disaster relief and insurance Floods and storm protection Government studies and investigations Income tax credits Small business

HOME Act of 2014

Introduced: January 17, 2014 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 21, 2014
Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
Jan 17, 2014
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jan 17, 2014
Introduced in House
 Plain-English summary Congressional Research Service

Helping Owners Mitigate Effectively Act of 2014 or the HOME Act of 2014 - Delays any change in risk premium rates for flood insurance under the National Flood Insurance Program resulting from amendments made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) until five years after the enactment date of such Act.

Amends the National Flood Insurance Act of 1968 to provide that the maximum annual chargeable flood insurance premium rate for a property shall be the appraised value of the property when purchased by its current owner divided by 30.

Amends the Internal Revenue Code to allow a tax credit of up to $7,500 for flood mitigation expenses in a taxable year for policy holders of flood insurance coverage and small businesses. Terminates such credit after December 31, 2022

Amends the Biggert-Waters Act to authorize the Administrator of the Federal Emergency Management Agency (FEMA) to use any other amounts available to the Administrator to carry out the the study of participation in the National Flood Insurance Program and of the affordability of risk-based premiums under such Program.

Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize increased appropriations for predisaster hazard mitigation for FY2014-FY2018.  Authorizes appropriations for flood risk mitigation assistance for FY2014-FY2018.

What's happening now January 21, 2014

Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.

 Committees of jurisdiction 4
 Cosponsors 2
All 2 Democratic 2