Bill Introduced in Congress — Tax Breaks for Flood Insurance Premiums

Florida Republican Sen. Rick Scott and Florida Republican Rep. Byron Donalds have introduced legislation to give tax breaks to people that purchase flood insurance. Scott says it’s an “above the line” deduction and a commonsense bill to help people afford flood insurance and not “break the bank.”

“While we continue to work on permanent solutions to the problems plaguing the NFIP (National Flood Insurance Program), we need to make sure hardworking folks have access to affordable coverage,” Scott said. “That’s why I am introducing and will be fighting to pass legislation that provides a non-refundable tax break to families who purchase flood insurance coverage either through the private market or the NFIP.”

Donalds agrees and pointed to his constituents in Florida.

“Over recent years, residents of Southwest Florida and the Sunshine State have been faced with an exponential rise in flood insurance costs,” Donalds said. “This unsustainable trend is severely impacting hardworking Florida families and it is critical that this problem is immediately addressed.”

The Federal Emergency Management Agency (FEMA) manages the NFIP. FEMA’s David Maurstad said the flood insurance price reforming, Risk Rating 2.0 is critical to making the NFIP actuarily sound.

“The new pricing methodology is the right thing to do. It mitigates risk, delivers equitable rates and advances the Agency’s goal to reduce suffering after flooding disasters,” Maurstad said. “Equity in Action is the generational change we need to spur action now in the face of changing climate conditions, build individual and community resilience, and deliver on the (Joe) Biden Administration’s priority of providing equitable programs for all.”

Source link: Florida Politics — https://bit.ly/4dcDRZ4

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