The bill S. 4143, introduced in the Senate, seeks to amend the Internal Revenue Code of 1986. It aims to allow an above-the-line tax deduction for flood insurance premiums paid or incurred by individuals for their property. This deduction would not be available for taxpayers...
Simple Explanation
The bill wants to change the rules so people can pay less in taxes if they buy flood insurance for their homes, but it won't help people who make too much money each year.