,,ii  #aaith ,,congress  #ast ,session  
,s4 #bcac  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #af1     
#bjbe,mr4 ,scott of ,florida 7for       
himself and ,mrs4 ,moody7 introduced the
 following bill2 which was read twice   
and referred to the ,committee on       
,finance  ,a ,,bill  ,to amend the      
,internal ,revenue ,code of #aihf to    
provide an above-the-line deduction for 
flood insurance premiums4  #a4 ,short   
title ,this ,act may be cited as the    
,flood ,insurance ,relief ,act4  #b4    
,deduction for flood insurance premiums 
7a7 ,allowance of deduction  7#a7 ,in   
general ,part ,,vii of subchapter ,b of 
chapter #a of the ,internal ,revenue    
,code of #aihf is amended by            
redesignating section #bbd as section   
#bbe and inserting after section #bbc   
the following new section3  #bbd4 ,flood
 insurance premiums  7a7 ,deduction     
allowed ,in the case of an individual1  
there shall be allowed as a deduction   
qualified flood insurance premiums paid 

or incurred during the taxable year with
 respect to property owned by the       
taxpayer4  7b7 ,limitation  7#a7 ,in    
general ,subsection 7a7 shall not apply 
with respect to any taxpayer whose      
adjusted gross income for the taxable   
year exceeds #bjj1jjj 7#djj1jjj in the  
case of a joint return74  7#b7          
,application ,for purposes of paragraph 
7#a71 the adjusted gross income of the  
taxpayer shall be determined-- 7,a7     
after application of sections #hf1 #ace1
 #acg1 #bai1 #bba1 and #dfi1 and  7,b7  
without regard to this section4  7c7    
,qualified flood insurance premiums ,for
 purposes of this section1 the term     
qualified flood insurance premiums      
means-- 7#a7 any chargeable risk premium
 rate for flood insurance under the     
program established under the ,national 
,flood ,insurance ,act of #aifh 7#db    
,u4,s4,c4 #djja et seq47 or the payment 
of any premium under private flood      
insurance1 as defined in section        
#ajb7;b7 of the ,flood ,disaster        

,protection ,act of #aigc 7#db ,u4,s4,c4
 #djab;a7b771  7#b7 any ,federal ,policy
 ,fee1 as defined in ,appendix ,a7#a7 to
 part #fa of title #dd1 ,code of        
,federal ,regulations1 or any successor 
regulation1  7#c7 any surcharge         
described in the flush text following   
subparagraph 7,d7 of section            
#acjd7;b77#d7 of the ,national ,flood   
,insurance ,act of #aifh 7#db ,u4,s4,c4 
#djaa7;b77#d771 and  7#d7 any premium   
surcharge under section #acjh;,a of the 
,national ,flood ,insurance ,act of     
#aifh 7#db ,u4,s4,c4 #djae;a74  4  7#b7 
,clerical amendment ,the table of       
sections for part ,,vii of subchapter ,b
 of chapter #a of such ,code is amended 
by redesignating the item relating to   
section #bbd as relating to section #bbe
 and by inserting after the item        
relating to section #bbc the following  
new item3  ,sec4 #bbd4 ,flood insurance 
premiums4  4  7b7 ,deduction allowed in 
determining adjusted gross income       
,section #fb7;a7 of the ,internal       

,revenue ,code of #aihf is amended by   
inserting after paragraph 7#ba7 the     
following new paragraph3  7#bb7 ,flood  
insurance premiums ,the deduction       
allowed by section #bbd4  4  7c7        
,conforming amendments  7#a7 ,section   
#gd7;d77#b77;,b7 of the ,internal       
,revenue ,code of #aihf is amended by   
inserting #bbd after #bba4  7#b7        
,section #hf7;b77#b77;,a7 of such ,code 
is amended by inserting #bbd1 after     
#bba14  7#c7 ,section #ace7;c77#d77;,a7 
of such ,code is amended by inserting   
#bbd1 after #bba14  7#d7 ,section       
#acg7;b77#c77;,a7 of such ,code is      
amended by inserting #bbd after #bba14  
7#e7 ,section #bai7;g77#c77;,a77ii7 of  
such ,code is amended by inserting #bbd1
 after #bba14  7#f7 ,section            
#bba7;b77#b77;,c77i7 of such ,code is   
amended by inserting #bbd1 after #bai14 
7#g7 ,section #dfi7;i77#c77;,e77ii7 of  
such ,code is amended by inserting #bbd1
 after #bba14  7d7 ,effective date ,the 
amendments made by this section shall   

apply to taxable years beginning after  
the date of the enactment of this ,act4