Lets many homeowners deduct flood insurance costs from their taxes.
This bill would let many homeowners deduct the cost of their flood insurance when they file their taxes. This could lower their taxable income and save them money, but only if their income is below certain limits. These changes would apply to tax years starting after the bill becomes law.
Today, individuals cannot deduct flood insurance premiums when calculating their adjusted gross income. This bill would allow individuals to deduct these premiums, up to certain income limits ($200,000 for single filers, $400,000 for joint filers), which would reduce their taxable income. This change would apply to tax years beginning after the bill becomes law.
HR 4494 · 119th Congress · July 17, 2025 · AI Summary by gemini-2.5-flash · 8/10
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5 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.