,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #eedc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #ag1 #bjah,ms4 
,velzquez introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,ways &      
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to all[ = a cr$it 
aga9/ tax = c]ta9 flood insurance       
exp5ses4  #a4 ,%ort title ,?is ,act may 
be cit$ z ! ,flood ,insurance ,tax      
,cr$it ,act ( #bjah4  #b4 ,cr$it = flood
 insurance exp5ses  7a7 ,9 g5]al ,subp>t
 ,a ( "p ,,iv ( sub*apt] ,a ( *apt] #a (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by ins]t+ aft] section #be;,d !   
foll[+ new section3  #be;,e4 ,flood     
insurance exp5ses  7a7 ,all[ance ( cr$it
 ,!re %all be all[$ z a cr$it aga9/ !   
tax impos$ by ?is subtitle = a taxpay] =
 a taxable ye> an am\nt equal to ! sum  
(--  7#a7 ! less] (-- 7,a7 ! ,f$]al     
flood insurance exp5ses ( ! taxpay] = ! 
taxable ye>1 &  7,b7 #a1ejj1 plus  7#b7 
! less] (--  7,a7 #ej p]c5t ( ! private 
flood insurance exp5ses ( ! taxpay] = ! 

taxable ye>1 &  7,b7 #c1jjj1 plus  7#c7 
! less] (-- 7,a7 ,f$]al cont5ts cov]age 
flood insurance exp5ses ( ! taxpay] = ! 
taxable ye>1 &  7,b7 #fjj4  7b7 ,phase\t
  7#a7 ,f$]al flood insurance exp5se ,! 
am\nt det]m9$ "u subsection 7a77#a7 = a 
taxpay] = a taxable ye> %all be r$uc$ 7b
 n bel[ z]o7 by--  7,a7 9 ! case ( a    
jo9t return1 #a4e p]c5t ( s mu* ( !     
taxpay]'s income = su* taxable ye> z    
exce$s #ajj1jjj1 &  7,b7 9 any o!r case1
 #c p]c5t ( s mu* ( ! taxpay]'s income =
 su* taxable ye> z exce$s #ej1jjj4  7#b7
 ,private flood insurance exp5se ,!     
am\nt det]m9$ "u subsection 7a77#b7 = a 
taxpay] = a taxable ye> %all be r$uc$ 7b
 n bel[ z]o7 by--  7,a7 9 ! case ( a    
jo9t return1 #c p]c5t ( s mu* ( !       
taxpay]'s income = su* taxable ye> z    
exce$s #ajj1jjj1 &  7,b7 9 any o!r case1
 #f p]c5t ( s mu* ( ! taxpay]'s income =
 su* taxable ye> z exce$s #ej1jjj4  7#c7
 ,f$]al cont5ts cov]age flood insurance 
exp5se ,! am\nt det]m9$ "u subsection   
7a77#c7 = a taxpay] = a taxable ye> %all

 be r$uc$ 7b n bel[ z]o7 by--  7,a7 9 ! 
case ( a jo9t return1 #j4f p]c5t ( s mu*
 ( ! taxpay]'s income = su* taxable ye> 
z exce$s #ajj1jjj1 &  7,b7 9 any o!r    
case1 #a4b p]c5t ( s mu* ( ! taxpay]'s  
income = su* taxable ye> z exce$s       
#ej1jjj4  7c7 ,def9ition ,= purposes (  
?is section3 7#a7 ,f$]al flood insurance
 exp5se ,! t]m ,f$]al flood insurance   
exp5se means ! excess (--  7,a7 am\nts  
paid or incurr$ z premiums = flood      
insurance cov]age made available "u !   
,national ,flood ,insurance ,act (      
#aifh1 ov]  7,b7 ,f$]al cont5ts cov]age 
flood insurance exp5se4  7#b7 ,private  
flood insurance exp5se ,! t]m private   
flood insurance exp5se means am\nts paid
 or incurr$ z premiums = flood insurance
 cov]age o!r ?an flood insurance cov]age
 made available "u ! ,national ,flood   
,insurance ,act ( #aifh1 includ+ su*    
cov]age = ! cont5ts ( a /ructure4  7#c7 
,f$]al cont5ts cov]age flood insurance  
exp5se ,! t]m ,f$]al cont5ts cov]age    
flood insurance exp5se means am\nts paid

 or incurr$ z premiums = flood insurance
 cov]age made available "u ! ,national  
,flood ,insurance ,act ( #aifh = cont5ts
 ( a /ructure4  7d7 ,prim>y resid5ce    
,f$]al flood insurance exp5ses1 private 
flood insurance exp5ses1 & ,f$]al       
cont5ts cov]age flood insurance exp5ses 
%all only be tak5 into acc\nt to ! ext5t
 t su* exp5ses are paid or incurr$ =    
cov]age relat$ to ! taxpay]'s pr9cipal  
resid5ce4  7e7 ,d5ial ( d\ble b5efit ,no
 cr$it %all be all[$ "u subsection 7a7 =
 any am\nt ) respect to :i* a d$uction  
is all[$ due to subsection 7c7 or 7e7 ( 
section #bhj;,a4  7f7 ,inflation        
adju/m5t ,9 ! case ( any taxable ye>    
beg9n+ 9 cal5d> ye>s aft] #bjai1 ea* ( !
 doll> am\nts 9 subsections 7a7 & 7b7   
%all be increas$ by an am\nt equal to-- 
7#a7 su* doll> am\nt1 multipli$ by  7#b7
 ! co/-(-liv+ adju/m5t det]m9$ "u       
section #a7;f77#c7 = ! cal5d> ye> 9 :i* 
! taxable ye> beg9s1 det]m9$ by         
sub/itut+ #bjah = #bjai 9 subp>agraph   
7,a77ii7 !re(4  ,if any am\nt aft]      

adju/m5t "u ! prec$+ s5t5ce is n a      
multiple ( #ej1 su* am\nt %all be r\nd$ 
to ! next l[e/ multiple ( #ej4  4  7b7  
,cl]ical am5dm5t ,! table ( sections =  
subp>t ,a ( "p ,,iv ( sub*apt] ,a (     
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] ! item    
relat+ to section #be;,d ! foll[+ new   
item3  ,sec4 #be;,e4 ,flood insurance   
exp5ses44  7c7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjah4