S. 586: Flood Insurance Affordability Tax Credit Act
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-02-13 |
| Sponsor | Sen. Cassidy, Bill [R-LA] |
| Policy area | Taxation |
| Cosponsors | 1 |
| Latest action | 2025-02-13 — Read twice and referred to the Committee on Finance. |
| Last updated | 2025-09-29 |
Summary
Official summary (Introduced in Senate, 2025-02-13):
Flood Insurance Affordability Tax Credit Act
This bill establishes a new refundable tax credit for up to 33% of the flood insurance premiums paid (or incurred) under the National Flood Insurance Program to insure a principal residence. The bill also requires the Internal Revenue Service (IRS) to establish a program for paying the tax credit in advance.
Under the bill, the tax credit for flood insurance premiums may be reduced depending on the taxpayer’s household income in relation to the federal poverty line (FPL). The tax credit begins to phase out once a taxpayer’s household income is 350% of the FPL and is completely phased out once a taxpayer’s household income reaches 435% of the FPL. (Other limitations may apply.)
Further, the tax credit for flood premiums may not be claimed by a married taxpayer who files a separate federal income tax return or a taxpayer who may be claimed as a dependent.
Finally, the bill requires the IRS to establish a program that allows a taxpayer to receive the allowable tax credit amount for flood insurance premiums (based on tax return information for the most recent tax year available) in advance.
Cosponsors (1)
| Name | Party / state |
|---|---|
| Cory A. Booker | D NJ (original cosponsor) 2025-02-13 |
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 586 are published by Congress on congress.gov.
Frequently asked questions
What is S. 586?
S. 586 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: Flood Insurance Affordability Tax Credit Act.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 586 are available on congress.gov.
Bill data: congress.gov API (official congressional records).