H.R. 5543 · 115th Congress
Flood Insurance Tax Credit Act of 2018
- Stage
- In committee
- Sponsor
- Nydia Velázquez
- Introduced
- 2018-04-17
- Latest action
- 2018-04-17 · Introduced in House
Summary
Flood Insurance Tax Credit Act of 2018
This bill amends the Internal Revenue Code to allow a tax credit for flood insurance expenses. The credit applies to portions of a taxpayer's expenses for federal flood insurance, private flood insurance, and federal contents coverage flood insurance for a principal residence. The amount of the credit is subject to limitations based on the taxpayer's income and must be adjusted for inflation after 2019.