Flood Insurance Affordability Tax Credit Act

This bill creates a tax credit that could cover up to 33% of what people pay for flood insurance on their main home through the National Flood Insurance Program. The credit is available in full to people with lower incomes, starts shrinking for households earning more than 350% of the federal poverty line, and disappears entirely for those earning above 435% of the federal poverty line. Married people who file taxes separately and people who are claimed as dependents on someone else's taxes cannot use this credit. The bill also requires the IRS to set up a way for people to receive the credit money in advance, rather than waiting until they file their taxes.

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