H. R. 8102, known as the "Flood Insurance Relief Act," proposes changes to the Internal Revenue Code to allow individuals to deduct flood insurance premiums from their taxable income. This deduction applies to premiums for insurance under the National Flood Insurance Program...
H. R. 8102 is a bill that would allow people to subtract flood insurance costs from their income when paying taxes, but only if they make less than $200,000 a year (or $400,000 if a couple).
H.R. 10004, known as the "Flood Loss Offset and Affordability Tax Credit Act of 2024" or the "FLOAT Act of 2024," aims to amend the Internal Revenue Code to allow a tax deduction for flood insurance premiums. Specifically, individual taxpayers can deduct up to $1,000 of qualified flood...
The FLOAT Act of 2024 is a rule that lets people take off some money from their taxes if they pay for flood insurance to keep their homes safe, but the help gets smaller if they earn too much. It's important to know that this help isn't a lot compared to how much flood insurance can cost.
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