,,ii #aai? ,,congress #a/ ,session ,s4 #ehf ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #ac1 #bjbe,mr4 ,cassidy 7= himself & ,mr4 ,book]7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide an advance refundable cr$it to (fset c]ta9 flood insurance premiums1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,flood ,insurance ,af=dability ,tax ,cr$it ,act4 #b4 ,refundable cr$it = c]ta9 flood insurance cov]age 7a7 ,9 g5]al ,subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #cf;,b ! foll[+ new section3 #cf;,c4 ,refundable cr$it = c]ta9 flood insurance cov]age 7a7 ,9 g5]al ,!re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is subtitle = any taxable ye> an am\nt equal to #cc p]c5t ( ! applicable flood insurance premiums paid or incurr$ by ! taxpay] dur+ ! taxable ye>4 7b7 ,limitation bas$ on h\sehold income 7#a7 ,9 g5]al ,! am\nt ( ! cr$it all[$ "u subsection 7a7 7det]m9$ )\t reg>d to ?is subsection7 %all be r$uc$ 7b n bel[ z]o7 by ! am\nt :i* be>s ! same ratio to su* cr$it z-- 7,a7 ! excess 7if any7 (-- 7i7 ! taxpay]'s h\sehold income = su* taxable ye>1 ov] 7ii7 an am\nt equal to #cej p]c5t ( ! pov]ty l9e = a family ( ! size involv$1 be>s to 7,b7 ! phase\t am\nt4 7#b7 ,phase\t am\nt ,= purposes ( ?is subsection1 ! phase\t am\nt ) respect to any taxpay] = any taxable ye> is ! excess (-- 7,a7 an am\nt equal to #dce p]c5t ( ! pov]ty l9e = a family ( ! size involv$1 ov] 7,b7 an am\nt equal to #cej p]c5t ( ! pov]ty l9e = a family ( ! size involv$4 7#c7 ,t]ms relat$ to income & families ,rules simil> to ! rules ( section #cf;,b7d7 %all apply = purposes ( det]m9+ family size1 h\sehold income1 & ! pov]ty l9e4 7c7 ,applicable flood insurance premiums ,= purposes ( ?is section1 ! t]m applicable flood insurance premiums means premiums paid or incurr$ to insure ! pr9cipal resid5ce 7)9 ! mean+ ( section #aba7 ( ! taxpay] "u ! program e/abli%$ "u ! ,national ,flood ,insurance ,act ( #aifh 7#db ,u4,s4,c4 #djja et seq474 7d7 ,o!r rules 7#a7 ,no cr$it = m>ri$ individuals fil+ sep>ate returns ,if ! taxpay] is a m>ri$ individual 7)9 ! mean+ ( section #ggjc71 ?is section %all apply only if ! taxpay] & ! taxpay]'s sp\se file a jo9t return = ! taxable ye>4 7#b7 ,d5ial ( cr$it to dep5d5ts ,no cr$it %all be all[$ "u ?is section to any individual ) respect to :om a d$uction "u section #aea is all[able to ano!r taxpay] = a taxable ye> beg9n+ 9 ! cal5d> ye> 9 :i* su* individual's taxable ye> beg9s4 7e7 ,reconciliation ( cr$it & advance cr$it ,! am\nt ( ! cr$it all[$ "u ?is section = any taxable ye> %all be r$uc$ 7b n bel[ z]o7 by ! am\nt ( any advance paym5t ( su* cr$it "u section #gebg;,b4 7f7 ,regulations ,! ,secret>y %all prescribe su* regulations z may be necess>y to c>ry out ! provisions ( ?is section1 includ+ regulations :i* provide = ! coord9ation ( ! cr$it all[$ "u ?is section ) ! program = advance paym5t ( ! cr$it "u section #gebg;,b4 4 7b7 ,disall[ance ( d$uction ,section #bhj;,c ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7i7 ,cr$it = c]ta9 flood insurance cov]age ,no d$uction %all be all[$ = ! portion ( ! applicable flood insurance premiums 7z def9$ 9 section #cf;,c7 :i* is equal to ! am\nt ( ! cr$it det]m9$ = ! taxable ye> "u section #cf;,c7a7 ) respect to su* premiums4 4 7c7 ,con=m+ am5dm5ts 7#a7 ,section #fbaa7;b77#d77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 #cf;,c aft] #cf;,b4 7#b7 ,p>agraph 7#b7 ( section #acbd7;b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ 1 #cf;,c aft] #cf;,b4 7d7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #cf;,b ! foll[+ new item3 ,sec4 #cf;,c4 ,refundable cr$it = c]ta9 flood insurance cov]age4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to am\nts paid or incurr$ 9 taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #c4 ,advance paym5ts 7a7 ,9 g5]al ,*apt] #gg ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #gebg;,a ! foll[+ new section3 #gebg;,b4 ,advance paym5t ( cr$it = c]ta9 flood insurance cov]age 7a7 ,9 g5]al ,! ,secret>y %all e/abli% a program = mak+ paym5ts ( applicable flood insurance premiums 7z def9$ 9 section #cf;,c7c77 on behalf ( applicable individuals to ! ,adm9i/rator ( ! ,f$]al ,em]g5cy ,managem5t ,ag5cy = su* individuals4 7b7 ,limitation on advance paym5ts dur+ any taxable ye> 7#a7 ,9 g5]al ,! ,secret>y may make paym5ts "u subsection 7a7 only to ! ext5t t ! total am\nt ( su* paym5ts made on behalf ( any applicable individual dur+ ! taxable ye> does n exce$ #cc p]c5t ( ! applicable flood insurance premiums 7z def9$ 9 section #cf;,c7 paid or incurr$ by ! applicable individual dur+ su* taxable ye> 7r$uc$ z provid$ "u section #cf;,c7b7 bas$ on applicable in=mation74 7#b7 ,applicable in=mation ,= purposes ( p>agraph 7#a71 ! t]m applicable in=mation means-- 7,a7 tax return in=mation = ! mo/ rec5t taxable ye> = :i* ! ,secret>y det]m9es in=mation is available1 or 7,b7 su* o!r in=mation z ! ,secret>y det]m9es is reliable to det]m9e ! am\nt 7if any7 ( any r$uction "u section #cf;,c7b74 7c7 ,applicable individual ,= purposes ( ?is section1 ! t]m applicable individual means any individual :o elects ! application ( ?is section 79 su* =m & mann] z provid$ by ! ,secret>y74 4 7b7 ,cl]ical am5dm5t ,! table ( sections = *apt] #gg ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #gebg;,a ! foll[+ new item3 ,sec4 #gebg;,b4 ,advance paym5t ( cr$it = c]ta9 flood insurance cov]age4 4