,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #ajjjd  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,octob] #ah1 #bjbd,mr4
 ,got!im] 7= himself & ,mr4 ,g>b>9o7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to provide an above-!-l9e 
d$uction = flood insurance premiums4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,flood ,loss ,(fset & ,af=dability    
,tax ,cr$it ,act ( #bjbd or ! ,,float   
,act ( #bjbd4  #b4 ,d$uction = flood    
insurance premiums  7a7 ,all[ance (     
d$uction  7#a7 ,9 g5]al ,"p ,,vii (     
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by       
r$esignat+ section #bbd z section #bbe &
 ins]t+ aft] section #bbc ! foll[+ new  
section3  #bbd4 ,flood insurance        
premiums  7a7 ,d$uction all[$ ,9 ! case 
( an individual1 !re %all be all[$ z a  
d$uction s mu* ( ! qualifi$ flood       
insurance premiums paid or incurr$ dur+ 
! taxable ye> ) respect to prop]ty own$ 

by ! taxpay] :i* is ! pr9cipal resid5ce 
7z su* t]m is us$ 9 section #aba7 ( !   
taxpay] dur+ su* taxable ye> z d n exce$
 #a1jjj4  7b7 ,phase\t  7#a7 ,9 g5]al ,!
 am\nt ( ! cr$it all[able "u subsection 
7a7 %all be r$uc$ 7b n bel[ z]o7 by #ej 
= ea* #a1jjj 7or fraction !re(7 by :i* !
 taxpay]'s modifi$ adju/$ gross income  
exce$s ! ?re%old am\nt4 ,= purposes ( ! 
prec$+ s5t5ce1 ! t]m modifi$ adju/$     
gross income means adju/$ gross income  
increas$ by any am\nt exclud$ f gross   
income "u section #iaa1 #ica1 or #icc4  
7#b7 ,?re%old am\nt ,= purposes (       
p>agraph 7#a71 ! t]m ?re%old am\nt      
means-- 7,a7 #djj1jjj 9 ! case ( a jo9t 
return1 &  7,b7 #bjj1jjj 9 ! case ( any 
o!r individual4  7c7 ,qualifi$ flood    
insurance premiums ,= purposes ( ?is    
section1 ! t]m qualifi$ flood insurance 
premiums means-- 7#a7 any premium paid =
 a private flood insurance policy1  7#b7
 any *>geable risk premium = flood      
insurance cov]age "u ! program e/abli%$ 
"u ! ,national ,flood ,insurance ,act ( 

#aifh 7#db ,u4,s4,c4 #djja et seq47 or =
 cov]age "u private flood insurance1 z  
def9$ 9 section #ajb7;b7 ( ! ,flood     
,disa/] ,protection ,act ( #aigc 7#db   
,u4,s4,c4 #djab;a7b771  7#c7 any ,f$]al 
,policy ,fee1 z def9$ 9 ,app5dix ,a7#a7 
to "p #fa ( title #dd1 ,code ( ,f$]al   
,regulations1 or any successor          
regulation1  7#d7 any sur*>ge describ$ 9
 ! matt] aft] & bel[ p>agraph 7#d77;,d7 
( section #acjd7;b7 ( ! ,national ,flood
 ,insurance ,act ( #aifh 7#db ,u4,s4,c4 
#djaa7;b771 &  7#e7 any premium sur*>ge 
"u section #acjh;,a ( ! ,national ,flood
 ,insurance ,act ( #aifh 7#db ,u4,s4,c4 
#djae;a74  4  7#b7 ,cl]ical am5dm5t ,!  
table ( sections = "p ,,vii ( sub*apt]  
,b ( *apt] #a ( su* ,code is am5d$ by   
r$esignat+ ! item relat+ to section #bbd
 z relat+ to section #bbe & by ins]t+   
aft] ! item relat+ to section #bbc !    
foll[+ new item3  ,sec4 #bbd4 ,flood    
insurance premiums4  4  7b7 ,d$uction   
all[$ 9 det]m9+ adju/$ gross income     
,section #fb7;a7 ( su* ,code is am5d$ by

 ins]t+ aft] p>agraph 7#ba7 ! foll[+ new
 p>agraph3  7#bb7 ,flood insurance      
premiums ,! d$uction all[$ by section   
#bbd4  4  7c7 ,con=m+ am5dm5ts  7#a7    
,section #gd7;d77#b77;,b7 ( su* ,code is
 am5d$ by ins]t+ #bbd aft] #bba4  7#b7  
,section #hf7;b77#b77;,a7 ( su* ,code is
 am5d$ by ins]t+ #bbd1 aft] #bba14  7#c7
 ,section #ace7;c77#d77;,a7 ( su* ,code 
is am5d$ by ins]t+ #bbd1 aft] #bba14    
7#d7 ,section #acg7;b77#c77;,a7 ( su*   
,code is am5d$ by ins]t+ #bbd aft]      
#bba14  7#e7 ,section                   
#bai7;g77#c77;,a77ii7 ( su* ,code is    
am5d$ by ins]t+ #bbd1 aft] #bba14  7#f7 
,section #bba7;b77#b77;,c77i7 ( su*     
,code is am5d$ by ins]t+ #bbd1 aft]     
#bai14  7#g7 ,section                   
#dfi7;i77#c77;,e77ii7 ( su* ,code is    
am5d$ by ins]t+ #bbd1 aft] #bba14  7d7  
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4