S. 586 aims to amend the Internal Revenue Code of 1986 to offer a financial benefit in the form of an advance refundable tax credit for individuals who pay certain flood insurance premiums. This bill allows taxpayers to receive a tax credit equaling 33% of the flood insurance...
Simple Explanation
S. 586 is a plan to help people with the cost of flood insurance by giving them some money back when they do their taxes. It hopes to make paying for flood insurance easier, but doesn't say how much money can be given back in total.