,,ii #aaith ,,congress #ast ,session ,s4 #ehf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #ac1 #bjbe,mr4 ,cassidy 7for himself and ,mr4 ,booker7 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 advance refundable credit to offset certain flood insurance premiums1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,flood ,insurance ,affordability ,tax ,credit ,act4 #b4 ,refundable credit for certain flood insurance coverage 7a7 ,in general ,subpart ,c of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #cf;,b the following new section3 #cf;,c4 ,refundable credit for certain flood insurance coverage 7a7 ,in general ,there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to #cc percent of the applicable flood insurance premiums paid or incurred by the taxpayer during the taxable year4 7b7 ,limitation based on household income 7#a7 ,in general ,the amount of the credit allowed under subsection 7a7 7determined without regard to this subsection7 shall be reduced 7but not below zero7 by the amount which bears the same ratio to such credit as-- 7,a7 the excess 7if any7 of-- 7i7 the taxpayer's household income for such taxable year1 over 7ii7 an amount equal to #cej percent of the poverty line for a family of the size involved1 bears to 7,b7 the phaseout amount4 7#b7 ,phaseout amount ,for purposes of this subsection1 the phaseout amount with respect to any taxpayer for any taxable year is the excess of-- 7,a7 an amount equal to #dce percent of the poverty line for a family of the size involved1 over 7,b7 an amount equal to #cej percent of the poverty line for a family of the size involved4 7#c7 ,terms related to income and families ,rules similar to the rules of section #cf;,b7d7 shall apply for purposes of determining family size1 household income1 and the poverty line4 7c7 ,applicable flood insurance premiums ,for purposes of this section1 the term applicable flood insurance premiums means premiums paid or incurred to insure the principal residence 7within the meaning of section #aba7 of the taxpayer under the program established under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq474 7d7 ,other rules 7#a7 ,no credit for married individuals filing separate returns ,if the taxpayer is a married individual 7within the meaning of section #ggjc71 this section shall apply only if the taxpayer and the taxpayer's spouse file a joint return for the taxable year4 7#b7 ,denial of credit to dependents ,no credit shall be allowed under this section to any individual with respect to whom a deduction under section #aea is allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual's taxable year begins4 7e7 ,reconciliation of credit and advance credit ,the amount of the credit allowed under this section for any taxable year shall be reduced 7but not below zero7 by the amount of any advance payment of such credit under section #gebg;,b4 7f7 ,regulations ,the ,secretary shall prescribe such regulations as may be necessary to carry out the provisions of this section1 including regulations which provide for the coordination of the credit allowed under this section with the program for advance payment of the credit under section #gebg;,b4 4 7b7 ,disallowance of deduction ,section #bhj;,c of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7i7 ,credit for certain flood insurance coverage ,no deduction shall be allowed for the portion of the applicable flood insurance premiums 7as defined in section #cf;,c7 which is equal to the amount of the credit determined for the taxable year under section #cf;,c7a7 with respect to such premiums4 4 7c7 ,conforming amendments 7#a7 ,section #fbaa7;b77#d77;,a7 of the ,internal ,revenue ,code of #aihf is amended by inserting 1 #cf;,c after #cf;,b4 7#b7 ,paragraph 7#b7 of section #acbd7;b7 of title #ca1 ,united ,states ,code1 is amended by inserting 1 #cf;,c after #cf;,b4 7d7 ,clerical amendment ,the table of sections for subpart ,c 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 #cf;,b the following new item3 ,sec4 #cf;,c4 ,refundable credit for certain flood insurance coverage4 4 7e7 ,effective date ,the amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after the date of the enactment of this ,act4 #c4 ,advance payments 7a7 ,in general ,chapter #gg of the ,internal ,revenue ,code of #aihf is amended by inserting after section #gebg;,a the following new section3 #gebg;,b4 ,advance payment of credit for certain flood insurance coverage 7a7 ,in general ,the ,secretary shall establish a program for making payments of applicable flood insurance premiums 7as defined in section #cf;,c7c77 on behalf of applicable individuals to the ,administrator of the ,federal ,emergency ,management ,agency for such individuals4 7b7 ,limitation on advance payments during any taxable year 7#a7 ,in general ,the ,secretary may make payments under subsection 7a7 only to the extent that the total amount of such payments made on behalf of any applicable individual during the taxable year does not exceed #cc percent of the applicable flood insurance premiums 7as defined in section #cf;,c7 paid or incurred by the applicable individual during such taxable year 7reduced as provided under section #cf;,c7b7 based on applicable information74 7#b7 ,applicable information ,for purposes of paragraph 7#a71 the term applicable information means-- 7,a7 tax return information for the most recent taxable year for which the ,secretary determines information is available1 or 7,b7 such other information as the ,secretary determines is reliable to determine the amount 7if any7 of any reduction under section #cf;,c7b74 7c7 ,applicable individual ,for purposes of this section1 the term applicable individual means any individual who elects the application of this section 7in such form and manner as provided by the ,secretary74 4 7b7 ,clerical amendment ,the table of sections for chapter #gg of such ,code is amended by inserting after the item relating to section #gebg;,a the following new item3 ,sec4 #gebg;,b4 ,advance payment of credit for certain flood insurance coverage4 4