To amend the Internal Revenue Code of 1986 to provide that the deduction for certain flood-related attorney fees shall be fully allowable in computing both taxable income and alternative minimum taxable income.

Amends the Internal Revenue Code to exempt from the limitation on miscellaneous itemized tax deductions (i.e., only expenses in excess of two percent of adjusted gross income are deductible) any deduction for attorney fees paid in connection with flood-related damages from a natural disaster.