Drew Dixon
U.S. Sens. Ashley Moody and Rick Scott are introducing a bill that could provide tax relief for residents who pay flood insurance premiums through the National Flood Insurance Program (NFIP) or with private insurers.
The proposed Flood Insurance Relief Act is being backed by both Florida Republicans and is designed to ease the financial toll stemming from flood insurance costs that have been increasing in recent years.
U.S. Rep. Byron Donalds, a Naples Republican in Florida’s 23rd Congressional District, is introducing a companion bill in the House.
“As I travel around the Sunshine State, one thing folks continue to tell me is that they are worried about the rising cost of flood insurance,” Moody said in a news release.
“That is why today, Sen. Scott and I are working to ease the financial burden on Florida families by proposing a bill that would create a tax deduction on their flood insurance premiums. The Flood Insurance Relief Act is a critical solution that will directly benefit Floridians.”
The wording of the bill would provide tax deductions for individuals who purchase flood insurance in a taxable year for property they own. The relief would be for any person making up to $200,000 in annual income and $400,000 for a joint tax return.
“Floridians know well that flood insurance can be a crucial but costly asset, and it is unacceptable that many are left struggling to find flood insurance coverage they can afford,” Scott said.
“Families shouldn’t have to choose between protecting their homes and putting food on the table. I’ve been working on several bills to fix the broken NFIP system and encourage private-sector participation to allow for a more robust, affordable flood insurance market, but we must do more to help families ASAP.”
Donalds is in line with Scott and Moody and said the bill is long overdue.
“For far too long, the rising cost of flood insurance has crushed hardworking Floridians. This is unacceptable, this must change, and this critical issue must be addressed to ensure our economy works for all Americans,” Donalds said.
“The time for action is now, and I’m proud to join Senator Rick Scott in introducing the Flood Insurance Relief Act to provide this overdue relief to policyholders across our Southwest Florida community, the Sunshine State, and the nation.”
