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S 586 119th Congress Senate Taxation

Flood Insurance Affordability Tax Credit Act

Introduced: February 13, 2025 Introduced by: Cassidy, Bill Republican · Louisiana See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 13, 2025
Read twice and referred to the Committee on Finance.
Feb 13, 2025
Introduced in Senate
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 Plain-English summary Congressional Research Service

Flood Insurance Affordability Tax Credit Act

This bill establishes a new refundable tax credit for up to 33% of the flood insurance premiums paid (or incurred) under the National Flood Insurance Program to insure a principal residence. The bill also requires the Internal Revenue Service (IRS) to establish a program for paying the tax credit in advance.

Under the bill, the tax credit for flood insurance premiums may be reduced depending on the taxpayer’s household income in relation to the federal poverty line (FPL). The tax credit begins to phase out once a taxpayer’s household income is 350% of the FPL and is completely phased out once a taxpayer’s household income reaches 435% of the FPL. (Other limitations may apply.)

Further, the tax credit for flood premiums may not be claimed by a married taxpayer who files a separate federal income tax return or a taxpayer who may be claimed as a dependent.

Finally, the bill requires the IRS to establish a program that allows a taxpayer to receive the allowable tax credit amount for flood insurance premiums (based on tax return information for the most recent tax year available) in advance.

What's happening now February 13, 2025

Read twice and referred to the Committee on Finance.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 17

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

See all 17 filings →
 Cosponsors 1
All 1 Democratic 1
D
Booker, Cory A.
New Jersey · Feb 13, 2025
Cite this page click to expand
APA
U.S. Congress. (2026). S. 586: Flood Insurance Affordability Tax Credit Act. 119th Congress. Open America. https://openamerica.io/bill/119-S-586/
MLA
"S. 586: Flood Insurance Affordability Tax Credit Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-S-586/.
Bluebook (legal)
S. 586, 119th Cong. (2026), https://openamerica.io/bill/119-S-586/.
Markdown link
[S. 586: Flood Insurance Affordability Tax Credit Act](https://openamerica.io/bill/119-S-586/)
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