,i #aacth ,,congress #b;d ,session ,h4 ,r4 #cibd ,,in ,,the ,,house ,,of ,,representatives ,january #ag1 #bjad,mr4 ,garcia introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committees on ,ways and ,means and ,transportation and ,infrastructure1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to delay increases in premium rates for flood insurance coverage under the ,national ,flood ,insurance ,program1 establish a refundable tax credit for flood mitigation expenses1 and authorize increased funding for flood damage mitigation programs1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,helping ,owners ,mitigate ,effectively ,act of #bjad or the ,,home ,act of #bjad 4 #b4 ,delay in flood insurance rate changes 7a7 ,delay ,notwithstanding any other provision of law1 any change in risk premium rates for flood insurance under the ,national ,flood ,insurance ,program resulting from the amendments made by sections #ajjbje and #ajjbjg of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7,public ,law #aab-ada2 #abf ,stat4 #iag7 to sections #acjg and #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad and #djae7 shall not take effect until the expiration of the #e-year period that begins upon the date of the enactment of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab4 7b7 ,effective date ,the amendments made by subsection 7a7 shall take effect as if enacted as part of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7,public ,law #aab-ada2 #abf ,stat4 #iaf74 #c4 ,cap on annual cost of flood insurance ,section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7 is amended-- 7#a7 by redesignating subsection 7i7 as subsection 7j72 and 7#b7 by inserting after subsection 7h7 the following new subsection34 7i7 ,maximum annual premium ,notwithstanding any other provision of this title1 the maximum annual chargeable premium rate for a property shall be the appraised value of the property at the time of the purchase of the property by the current owner of the property divided by #cj4 4 #d4 ,credit for certain qualified flood mitigation expenses 7a7 ,in general ,subpart ,b of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #cj;,e4 ,qualified flood mitigation expenses 7a7 ,in general ,in the case of a qualified taxpayer1 there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the qualified flood mitigation expenses paid or incurred by the taxpayer for the taxable year4 7b7 ,limitations ,the amount allowed as a credit under subsection 7a7 for a taxable year shall not exceed #g1ejj4 7c7 ,qualified taxpayer 7#a7 ,in general ,for purposes of this section1 the term qualified taxpayer means a taxpayer who is the holder of a policy for flood insurance coverage under the national flood insurance program under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa et seq474 7#b7 ,business employers must be small 7,a7 ,in general ,in the case of a taxpayer which is a trade or business1 for purposes of this section the term qualified taxpayer shall not include any taxpayer which employed an average of more than #ej employees on business days during such taxable year4 7,b7 ,controlled groups ,for purposes of subparagraph 7,a71 all persons treated as a single employer under subsection 7a7 or 7b7 of section #eb or subsection 7m7 or 7o7 of section #dad shall be treated as a single employer4 7d7 ,qualified flood mitigation expenses ,the term qualified flood mitigation expenses shall have the meaning given such term by the ,administrator of the ,federal ,emergency ,management ,agency4 7e7 ,partnership1 ,s corporations1 and other pass-,thru entities ,in the case of a partnership1 trust1 ,s corporation1 or other pass-thru entity1 the credit and limitations contained in this section shall be determined at the entity level4 7f7 ,application with other credits 7#a7 ,business credit treated as part of general business credit ,so much of the credit which would be allowed under subsection 7a7 for any taxable year 7determined without regard to this subsection7 that is determined with respect to property of a character subject to an allowance for depreciation shall be treated as a credit listed in section #ch7;b7 for such taxable year 7and not allowed under subsection 7a774 7#b7 ,personal credit ,for purposes of this title1 the credit allowed under subsection 7a7 for any taxable year 7determined after application of paragraph 7#a77 shall be treated as a credit allowable under subpart ,c for such taxable year4 7g7 ,termination ,subsection 7a7 shall not apply to any amount paid or incurred after ,december #ca1 #bjbb4 4 7b7 ,conforming amendments 7#a7 ,section #ch7;b7 of such ,code is amended by striking plus at the end of paragraph 7#ce71 by striking the period at the end of section 7#cf7 and inserting 1 plus1 and by inserting after paragraph 7#cf7 the following new paragraph3 7#cg7 the portion of the credit for qualified flood mitigation expenses to which section #cj;,e7f77#a7 applies4 4 7#b7 ,section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 is amended by inserting #cj;,e7f77#b71 after #be;,a14 7#c7 ,the table of sections for subpart ,b of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,sec4 #cj;,e4 ,qualified flood mitigation expenses4 4 7c7 ,effective date ,the amendments made by this section shall apply to amounts paid or incurred after ,december #ca1 #bjab4 #e4 ,affordability study ,section #ajjbcf of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7,public ,law #aab-ada2 #abf ,stat4 #ieg7 is amended-- 7#a7 in subsection 7c71 by striking ,not and inserting the following3 ,subject to subsection 7e71 not2 7#b7 in subsection 7d7-- 7,a7 by striking 7d7 ,funding4--,notwithstanding and inserting the following3 7d7 ,funding 7#a7 ,national flood insurance fund ,notwithstanding 2 and 7,b7 by adding at the end the following new paragraph3 7#b7 ,other funding sources ,to carry out this section1 in addition to the amount made available under paragraph 7#a71 the ,administrator may use any other amounts that are available to the ,administrator4 2 and 7#c7 by adding at the end the following new subsection 7e7 ,alternative ,if the ,administrator determines that the report required under subsection 7c7 cannot be submitted by the date specified under subsection 7c7-- 7#a7 the ,administrator shall notify1 not later than #fj days after the date of enactment of this subsection1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives of an alternative method of gathering the information required under this section2 7#b7 the ,administrator shall submit1 not later than #ahj days after the ,administrator submits the notification required under paragraph 7#a71 to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives the information gathered using the alternative method described in paragraph 7#a72 and 7#c7 upon the submission of information required under paragraph 7#b71 the requirement under subsection 7c7 shall be deemed satisfied4 4 #f4 ,increased funding for mitigation programs 7a7 ,predisaster hazard mitigation ,section #bjc7m7 of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eacc7m77 is amended-- 7#a7 by striking and at the end of paragraph 7#b72 7#b7 by striking the period at the end of paragraph 7#c7 and inserting 2 and2 and 7#c7 by adding at the end the following3 7#d7 #cjj1jjj1jjj for each of fiscal years #bjad through #bjah4 4 7b7 ,flood hazard mitigation assistance ,there is authorized to be appropriated for financial assistance under section #acff of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajd;c7 #baj1jjj1jjj for each of fiscal years #bjad through #bjah4 ,any amounts appropriated pursuant to this subsection shall be in addition to amounts made available from the ,national ,flood ,mitigation ,fund under section #acfg of such ,act 7#db ,u4,s4,c4 #dajd;d7 for such assistance during such fiscal years4