A bill to amend the Internal Revenue Code of 1986 to provide an advance refundable credit to offset certain flood insurance premiums, and for other purposes.

Bill 118 s 5466, also known as the Flood Insurance Premium Relief Act, aims to make changes to the Internal Revenue Code of 1986 in order to provide financial assistance to individuals facing high flood insurance premiums. The bill proposes the creation of an advance refundable credit that can be used to offset the cost of certain flood insurance premiums.

The main goal of this legislation is to help alleviate the financial burden that many homeowners and property owners face when purchasing flood insurance. By offering a refundable credit, individuals will be able to receive financial assistance upfront, rather than having to wait until they file their taxes.

In addition to providing relief for flood insurance premiums, the bill also includes provisions for other purposes related to flood insurance. These additional measures are aimed at improving the overall affordability and accessibility of flood insurance for individuals and communities at risk of flooding. Overall, the Flood Insurance Premium Relief Act seeks to address the challenges faced by individuals and communities in obtaining and affording flood insurance. By providing advance refundable credits and implementing other measures, this legislation aims to make flood insurance more accessible and affordable for those who need it most.