,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #eedc  ,,in ,,the ,,house ,,of  
,,representatives  ,april #ag1 #bjah,ms4
 ,velzquez introduced the following     
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to allow for a credit   
against tax for certain flood insurance 
expenses4  #a4 ,short title ,this ,act  
may be cited as the ,flood ,insurance   
,tax ,credit ,act of #bjah4  #b4 ,credit
 for flood insurance expenses  7a7 ,in  
general ,subpart ,a of part ,,iv of     
subchapter ,a of chapter #a of the      
,internal ,revenue ,code of #aihf is    
amended by inserting after section      
#be;,d the following new section3       
#be;,e4 ,flood insurance expenses  7a7  
,allowance of credit ,there shall be    
allowed as a credit against the tax     
imposed by this subtitle for a taxpayer 
for a taxable year an amount equal to   
the sum of--  7#a7 the lesser of-- 7,a7 
the ,federal flood insurance expenses of

 the taxpayer for the taxable year1 and 
7,b7 #a1ejj1 plus  7#b7 the lesser of-- 
7,a7 #ej percent of the private flood   
insurance expenses of the taxpayer for  
the taxable year1 and  7,b7 #c1jjj1 plus
  7#c7 the lesser of-- 7,a7 ,federal    
contents coverage flood insurance       
expenses of the taxpayer for the taxable
 year1 and  7,b7 #fjj4  7b7 ,phaseout   
7#a7 ,federal flood insurance expense   
,the amount determined under subsection 
7a77#a7 for a taxpayer for a taxable    
year shall be reduced 7but not below    
zero7 by--  7,a7 in the case of a joint 
return1 #a4e percent of so much of the  
taxpayer's income for such taxable year 
as exceeds #ajj1jjj1 and  7,b7 in any   
other case1 #c percent of so much of the
 taxpayer's income for such taxable year
 as exceeds #ej1jjj4  7#b7 ,private     
flood insurance expense ,the amount     
determined under subsection 7a77#b7 for 
a taxpayer for a taxable year shall be  
reduced 7but not below zero7 by--  7,a7 
in the case of a joint return1 #c       

percent of so much of the taxpayer's    
income for such taxable year as exceeds 
#ajj1jjj1 and  7,b7 in any other case1  
#f percent of so much of the taxpayer's 
income for such taxable year as exceeds 
#ej1jjj4  7#c7 ,federal contents        
coverage flood insurance expense ,the   
amount determined under subsection      
7a77#c7 for a taxpayer for a taxable    
year shall be reduced 7but not below    
zero7 by--  7,a7 in the case of a joint 
return1 #j4f percent of so much of the  
taxpayer's income for such taxable year 
as exceeds #ajj1jjj1 and  7,b7 in any   
other case1 #a4b percent of so much of  
the taxpayer's income for such taxable  
year as exceeds #ej1jjj4  7c7           
,definition ,for purposes of this       
section3 7#a7 ,federal flood insurance  
expense ,the term ,federal flood        
insurance expense means the excess of-- 
7,a7 amounts paid or incurred as        
premiums for flood insurance coverage   
made available under the ,national      
,flood ,insurance ,act of #aifh1 over   

7,b7 ,federal contents coverage flood   
insurance expense4  7#b7 ,private flood 
insurance expense ,the term private     
flood insurance expense means amounts   
paid or incurred as premiums for flood  
insurance coverage other than flood     
insurance coverage made available under 
the ,national ,flood ,insurance ,act of 
#aifh1 including such coverage for the  
contents of a structure4  7#c7 ,federal 
contents coverage flood insurance       
expense ,the term ,federal contents     
coverage flood insurance expense means  
amounts paid or incurred as premiums for
 flood insurance coverage made available
 under the ,national ,flood ,insurance  
,act of #aifh for contents of a         
structure4  7d7 ,primary residence      
,federal flood insurance expenses1      
private flood insurance expenses1 and   
,federal contents coverage flood        
insurance expenses shall only be taken  
into account to the extent that such    
expenses are paid or incurred for       
coverage related to the taxpayer's      

principal residence4  7e7 ,denial of    
double benefit ,no credit shall be      
allowed under subsection 7a7 for any    
amount with respect to which a deduction
 is allowed due to subsection 7c7 or 7e7
 of section #bhj;,a4  7f7 ,inflation    
adjustment ,in the case of any taxable  
year beginning in calendar years after  
#bjai1 each of the dollar amounts in    
subsections 7a7 and 7b7 shall be        
increased by an amount equal to--  7#a7 
such dollar amount1 multiplied by  7#b7 
the cost-of-living adjustment determined
 under section #a7;f77#c7 for the       
calendar year in which the taxable year 
begins1 determined by substituting #bjah
 for #bjai in subparagraph 7,a77ii7     
thereof4  ,if any amount after          
adjustment under the preceding sentence 
is not a multiple of #ej1 such amount   
shall be rounded to the next lowest     
multiple of #ej4  4  7b7 ,clerical      
amendment ,the table of sections for    
subpart ,a of part ,,iv of subchapter ,a
 of chapter #a of the ,internal ,revenue

 ,code of #aihf is amended by inserting 
after the item relating to section      
#be;,d the following new item3  ,sec4   
#be;,e4 ,flood insurance expenses44  7c7
 ,effective date ,the amendments made by
 this section shall apply to taxable    
years beginning after ,december #ca1    
#bjah4