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
The bill creates tax deduction for flood insurance premiums and creates new IRC Section 226 - Flood insurance premium deduction. It relies on tax incentive, income limit, tax deductions, and income threshold. The main policy areas are Tax Policy.
Who Benefits and How
Real estate industry would be affected, Property owners paying flood insurance would be affected, and Property and casualty insurance would be affected.
Who Bears the Burden and How
High-income property owners (AGI > $200K/$400K) would be affected, General taxpayers would be affected, and Federal Treasury would be affected.
Key Provisions
- Creates tax deduction for flood insurance premiums.
- Creates new IRC Section 226 - Flood insurance premium deduction.
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
The bill creates tax deduction for flood insurance premiums and creates new IRC Section 226 - Flood insurance premium deduction.
Key Policy Areas
Tax Policy
Primary Purpose
The bill creates tax deduction for flood insurance premiums and creates new IRC Section 226 - Flood insurance premium deduction.
Policy Domains
Whole bill
Identified Gains
- Real estate industry
- Property owners paying flood insurance
- Property and casualty insurance
- Private flood insurance companies
- National Flood Insurance Program (NFIP)
Identified Costs
- High-income property owners (AGI > $200K/$400K)
- General taxpayers
- Federal Treasury
Sponsors
Legislative Progress
IntroducedMr. Donalds introduced the following bill; which was referred to …
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?
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