Flood Insurance Relief Act

HR 8102, the Flood Insurance Relief Act, creates a federal income tax deduction for qualified flood insurance premiums paid by homeowners. It allows individuals to deduct eligible flood insurance costs from their taxable income, but only if their adjusted gross income is below $200,000 ($400,000 for joint returns). The deduction covers premiums from both the federal National Flood Insurance Program and qualifying private flood insurance policies, including specific fees and surcharges defined in existing law. This change applies to tax returns filed for years beginning after the bill's enactment date.