Flood Insurance Relief Act

This legislation amends the Internal Revenue Code of 1986 to create a new above-the-line tax deduction for individuals who pay qualified flood insurance premiums. This deduction applies to premiums paid for property owned by the taxpayer and includes payments for both the National Flood Insurance Program and private flood insurance policies. It also covers related federal policy fees, surcharges, and premium surcharges. However, this deduction is subject to specific adjusted gross income (AGI) limitations . Taxpayers with an AGI exceeding $200,000, or $400,000 for those filing a joint return, are not eligible to claim this deduction. By being an above-the-line deduction, it reduces a taxpayer's AGI, which can impact eligibility for other tax benefits. The provisions of this Act will apply to taxable years beginning after its enactment.