This bill, titled the "Flood Insurance Relief Act" , amends the Internal Revenue Code of 1986 to introduce a new tax deduction for individuals. It specifically allows an above-the-line deduction for qualified flood insurance premiums, meaning taxpayers can reduce their adjusted gross income without needing to itemize deductions. The deduction covers premiums for both the National Flood Insurance Program and private flood insurance, as well as associated federal policy fees and certain surcharges. However, this tax benefit is subject to an income limitation, disallowing the deduction for taxpayers with an adjusted gross income exceeding $200,000 , or $400,000 for those filing a joint return. These amendments will apply to taxable years beginning after the bill's enactment.