To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Foreign Policy.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H5147279ADDB343E8B013FD080EA4ED84: 1. Short title This Act may be cited as the Flood Loss Offset and Affordability Tax Credit Act of 2024 or the FLOAT Act of 2024.
- Section H3D523D270A0649B384A964B7492EE6F0: 2. Deduction for flood insurance premiums Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as...
- Section H6894BD92F96C4C50821F0F4D06086ABA: 224. Flood insurance premiums In the case of an individual, there shall be allowed as a deduction so much of the qualified flood insurance premiums paid or...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Foreign Policy
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. Gottheimer (for himself and Mr. Garbarino) introduced the following …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology