Flood Insurance Affordability Tax Credit Act

This bill creates a 33% refundable tax credit for flood insurance premiums paid by homeowners for their primary residences through the National Flood Insurance Program. It directly affects homeowners in flood-prone areas who purchase required flood insurance, with the credit phased out for higher-income households (above 350% of the federal poverty line). The credit reduces income tax liability and is refundable, meaning it can result in a cash payment even if no tax is owed. The bill also prevents deducting premiums covered by the credit and establishes advance payments through the IRS to provide upfront financial assistance.