,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #cibd  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,janu>y #ag1 #bjad,mr4
 ,g>cia introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committees 
on ,ways & ,means & ,transportation &   
,infra/ructure1 = a p]iod to be         
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to delay increases 
9 premium rates = flood insurance       
cov]age "u ! ,national ,flood ,insurance
 ,program1 e/abli% a refundable tax     
cr$it = flood mitigation exp5ses1 &     
au?orize increas$ fund+ = flood damage  
mitigation programs1 & = o!r purposes4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,help+ ,own]s ,mitigate ,effectively  
,act ( #bjad or ! ,,home ,act ( #bjad 4 
#b4 ,delay 9 flood insurance rate *anges
  7a7 ,delay ,not)/&+ any o!r provision 
( law1 any *ange 9 risk premium rates = 
flood insurance "u ! ,national ,flood   

,insurance ,program result+ f ! am5dm5ts
 made by sections #ajjbje & #ajjbjg ( ! 
,bigg]t-,wat]s ,flood ,insurance ,re=m  
,act ( #bjab 7,public ,law #aab-ada2    
#abf ,/at4 #iag7 to sections #acjg &    
#acjh ( ! ,national ,flood ,insurance   
,act ( #aifh 7#db ,u4,s4,c4 #djad &     
#djae7 %all n take effect until !       
expiration ( ! #e-ye> p]iod t beg9s ^u !
 date ( ! enactm5t ( ! ,bigg]t-,wat]s   
,flood ,insurance ,re=m ,act ( #bjab4   
7b7 ,effective date ,! am5dm5ts made by 
subsection 7a7 %all take effect z if    
enact$ z "p ( ! ,bigg]t-,wat]s ,flood   
,insurance ,re=m ,act ( #bjab 7,public  
,law #aab-ada2 #abf ,/at4 #iaf74  #c4   
,cap on annual co/ ( flood insurance    
,section #acjh ( ! ,national ,flood     
,insurance ,act ( #aifh 7#db ,u4,s4,c4  
#djae7 is am5d$-- 7#a7 by r$esignat+    
subsection 7i7 z subsection 7j72 &  7#b7
 by ins]t+ aft] subsection 7h7 ! foll[+ 
new subsection34  7i7 ,maximum annual   
premium ,not)/&+ any o!r provision ( ?is
 title1 ! maximum annual *>geable       

premium rate = a prop]ty %all be !      
apprais$ value ( ! prop]ty at ! "t ( !  
pur*ase ( ! prop]ty by ! curr5t own] ( !
 prop]ty divid$ by #cj4  4  #d4 ,cr$it =
 c]ta9 qualifi$ flood mitigation exp5ses
  7a7 ,9 g5]al ,subp>t ,b ( "p ,,iv (   
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3  #cj;,e4 
,qualifi$ flood mitigation exp5ses  7a7 
,9 g5]al ,9 ! case ( a qualifi$ taxpay]1
 !re %all be all[$ z a cr$it aga9/ ! tax
 impos$ by ?is *apt] = ! taxable ye> an 
am\nt equal to ! qualifi$ flood         
mitigation exp5ses paid or incurr$ by ! 
taxpay] = ! taxable ye>4  7b7           
,limitations ,! am\nt all[$ z a cr$it "u
 subsection 7a7 = a taxable ye> %all n  
exce$ #g1ejj4  7c7 ,qualifi$ taxpay]    
7#a7 ,9 g5]al ,= purposes ( ?is section1
 ! t]m qualifi$ taxpay] means a taxpay] 
:o is ! hold] ( a policy = flood        
insurance cov]age "u ! national flood   
insurance program "u ! ,national ,flood 
,insurance ,act ( #aifh 7#db ,u4,s4,c4  

#djaa et seq474  7#b7 ,bus9ess employ]s 
mu/ be small  7,a7 ,9 g5]al ,9 ! case ( 
a taxpay] :i* is a trade or bus9ess1 =  
purposes ( ?is section ! t]m qualifi$   
taxpay] %all n include any taxpay] :i*  
employ$ an av]age ( m ?an #ej employees 
on bus9ess days dur+ su* taxable ye>4   
7,b7 ,controll$ gr\ps ,= purposes (     
subp>agraph 7,a71 all p]sons treat$ z a 
s+le employ] "u subsection 7a7 or 7b7 ( 
section #eb or subsection 7m7 or 7o7 (  
section #dad %all be treat$ z a s+le    
employ]4  7d7 ,qualifi$ flood mitigation
 exp5ses ,! t]m qualifi$ flood          
mitigation exp5ses %all h ! mean+ giv5  
su* t]m by ! ,adm9i/rator ( ! ,f$]al    
,em]g5cy ,managem5t ,ag5cy4  7e7        
,p>tn]%ip1 ,s corporations1 & o!r       
pass-,?ru entities ,9 ! case ( a        
p>tn]%ip1 tru/1 ,s corporation1 or o!r  
pass-?ru entity1 ! cr$it & limitations  
conta9$ 9 ?is section %all be det]m9$ at
 ! entity level4  7f7 ,application ) o!r
 cr$its  7#a7 ,bus9ess cr$it treat$ z "p
 ( g5]al bus9ess cr$it ,s mu* ( ! cr$it 

:i* w\ld be all[$ "u subsection 7a7 =   
any taxable ye> 7det]m9$ )\t reg>d to   
?is subsection7 t is det]m9$ ) respect  
to prop]ty ( a "* subject to an all[ance
 = depreciation %all be treat$ z a cr$it
 li/$ 9 section #ch7;b7 = su* taxable   
ye> 7& n all[$ "u subsection 7a774  7#b7
 ,p]sonal cr$it ,= purposes ( ?is title1
 ! cr$it all[$ "u subsection 7a7 = any  
taxable ye> 7det]m9$ aft] application ( 
p>agraph 7#a77 %all be treat$ z a cr$it 
all[able "u subp>t ,c = su* taxable ye>4
  7g7 ,t]m9ation ,subsection 7a7 %all n 
apply to any am\nt paid or incurr$ aft] 
,decemb] #ca1 #bjbb4  4  7b7 ,con=m+    
am5dm5ts  7#a7 ,section #ch7;b7 ( su*   
,code is am5d$ by /rik+ plus at ! end ( 
p>agraph 7#ce71 by /rik+ ! p]iod at !   
end ( section 7#cf7 & ins]t+ 1 plus1 &  
by ins]t+ aft] p>agraph 7#cf7 ! foll[+  
new p>agraph3  7#cg7 ! portion ( ! cr$it
 = qualifi$ flood mitigation exp5ses to 
:i* section #cj;,e7f77#a7 applies4  4   
7#b7 ,section #acbd7;b77#b7 ( title #ca1
 ,unit$ ,/ates ,code1 is am5d$ by ins]t+

 #cj;,e7f77#b71 aft] #be;,a14  7#c7 ,!  
table ( sections = subp>t ,b ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#cj;,e4 ,qualifi$ flood mitigation      
exp5ses4  4  7c7 ,effective date ,!     
am5dm5ts made by ?is section %all apply 
to am\nts paid or incurr$ aft] ,decemb] 
#ca1 #bjab4  #e4 ,af=dability /udy      
,section #ajjbcf ( ! ,bigg]t-,wat]s     
,flood ,insurance ,re=m ,act ( #bjab    
7,public ,law #aab-ada2 #abf ,/at4 #ieg7
 is am5d$-- 7#a7 9 subsection 7c71 by   
/rik+ ,n & ins]t+ ! foll[+3 ,subject to 
subsection 7e71 n2  7#b7 9 subsection   
7d7-- 7,a7 by /rik+ 7d7 ,fund+4--,n)/&+ 
& ins]t+ ! foll[+3  7d7 ,fund+  7#a7    
,national flood insurance fund ,not)/&+ 
2 &  7,b7 by add+ at ! end ! foll[+ new 
p>agraph3  7#b7 ,o!r fund+ s\rces ,to   
c>ry out ?is section1 9 addition to !   
am\nt made available "u p>agraph 7#a71 !
 ,adm9i/rator may use any o!r am\nts t  
are available to ! ,adm9i/rator4  2 &   

7#c7 by add+ at ! end ! foll[+ new      
subsection  7e7 ,alt]native ,if !       
,adm9i/rator det]m9es t ! report requir$
 "u subsection 7c7 _c be submitt$ by !  
date specifi$ "u subsection 7c7-- 7#a7 !
 ,adm9i/rator %all notify1 n lat] ?an   
#fj days aft] ! date ( enactm5t ( ?is   
subsection1 ! ,committee on ,bank+1     
,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! 
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives ( an alt]native 
me?od ( ga!r+ ! in=mation requir$ "u ?is
 section2  7#b7 ! ,adm9i/rator %all     
submit1 n lat] ?an #ahj days aft] !     
,adm9i/rator submits ! notification     
requir$ "u p>agraph 7#a71 to !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives ! in=mation ga!r$ us+ ! 
alt]native me?od describ$ 9 p>agraph    
7#a72 &  7#c7 ^u ! submission (         
in=mation requir$ "u p>agraph 7#b71 !   
requirem5t "u subsection 7c7 %all be    
deem$ satisfi$4  4  #f4 ,increas$ fund+ 

= mitigation programs  7a7 ,pr$isa/]    
haz>d mitigation ,section #bjc7m7 ( !   
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#eacc7m77 is am5d$-- 7#a7 by /rik+ & at 
! end ( p>agraph 7#b72  7#b7 by /rik+ ! 
p]iod at ! end ( p>agraph 7#c7 & ins]t+ 
2 &2 &  7#c7 by add+ at ! end ! foll[+3 
7#d7 #cjj1jjj1jjj = ea* ( fiscal ye>s   
#bjad ?r\gh #bjah4  4  7b7 ,flood haz>d 
mitigation assi/ance ,!re is au?oriz$ to
 be appropriat$ = f9ancial assi/ance "u 
section #acff ( ! ,national ,flood      
,insurance ,act ( #aifh 7#db ,u4,s4,c4  
#dajd;c7 #baj1jjj1jjj = ea* ( fiscal    
ye>s #bjad ?r\gh #bjah4 ,any am\nts     
appropriat$ pursuant to ?is subsection  
%all be 9 addition to am\nts made       
available f ! ,national ,flood          
,mitigation ,fund "u section #acfg ( su*
 ,act 7#db ,u4,s4,c4 #dajd;d7 = su*     
assi/ance dur+ su* fiscal ye>s4