H.R. 4494 — Flood Insurance Relief Act

This section establishes an above-the-line deduction under new IRC §226 for qualified flood insurance premiums paid by an individual taxpayer with respect to owned property, for taxable years beginning after enactment, subject to phaseout for taxpayers with adjusted gross income exceeding $200,000 ($400,000 for joint returns). Qualified premiums include (1) risk premiums under the National Flood Insurance Program (NFIP, 42 U.S.C. 4001 et seq.) or private flood insurance; (2) the Federal Policy Fee; (3) the NFIP cost-of-compliance surcharge under 42 U.S.C. 4011(b); and (4) the NFIP premium surcharge under 42 U.S.C. 4015a.