Read twice and referred to the Committee on Finance.
Creates a new refundable tax credit equal to 33% of National Flood Insurance Program (NFIP) premiums for a taxpayer's principal residence, with an income-based phaseout between 350% and 435% of the poverty line. Establishes an IRS program to make advance payments of the credit to FEMA on behalf of electing individuals, disallows a deduction for the portion of premiums equal to the credit, and applies to taxable years beginning after enactment.
Targeting: liberals want stronger means-testing; conservatives say current phaseout is too generous.
Relatively narrow homeowner relief with constituency appeal, but creates new federal spending and potential objections.
Creates a new refundable tax credit equal to 33% of National Flood Insurance Program (NFIP) premiums for a taxpayer's principal residence, with an income-based phaseout between 350% and 435% of the poverty line.
Establishes an IRS program to make advance payments of the credit to FEMA on behalf of electing individuals, disallows a deduction for the portion of premiums equal to the credit, and applies to taxable years beginning after enactment.
Targeted, administrable relief increases plausibility, but added federal cost and subsidy‑vs‑resilience debates lower odds absent offsets or package inclusion.
How solid the drafting looks.
Targeting: liberals want stronger means-testing; conservatives say current phaseout is too generous.
These are examples from the analysis, not a ranked list of the most-affected groups.
Targeting: liberals want stronger means-testing; conservatives say current phaseout is too generous.
Likely broadly supportive because it reduces out-of-pocket costs for homeowners facing high flood insurance rates and aids affordability.
Would want stronger targeting to low-income households and linkages to resilience and climate adaptation funding.
Views the bill as a pragmatic, targeted affordability measure but has concerns about costs, administrative complexity, and moral hazard.
Supportive if accompanied by cost controls and clear implementation rules.
Skeptical due to expanded refundable federal spending and potential incentives to remain in flood-prone areas.
Some support possible from members of affected states, but overall likely opposed without strong cost controls.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Targeted, administrable relief increases plausibility, but added federal cost and subsidy‑vs‑resilience debates lower odds absent offsets or package inclusion.
The bill has not accumulated any surfaced votes yet.
Targeting: liberals want stronger means-testing; conservatives say current phaseout is too generous.
Targeted, administrable relief increases plausibility, but added federal cost and subsidy‑vs‑resilience debates lower odds absent offsets o…
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