H.R. 10004: Flood Loss Offset and Affordability Tax Credit Act of 2024
Summary
The Flood Loss Offset and Affordability Tax Credit Act of 2024 (H.R. 10004) is a bill introduced in the U.S. House of Representatives on October 25, 2024. The bill aims to provide financial assistance to homeowners and businesses impacted by flooding.
Key Provisions
The bill includes the following key provisions:
- Flood Loss Offset: Establishes a tax credit for homeowners and businesses that have experienced flood losses. The credit would be equal to 100% of the adjusted basis of the damaged property.
- Flood Insurance Affordability Tax Credit: Provides a tax credit to low- and moderate-income homeowners and businesses to help them cover the cost of flood insurance. The credit would be equal to 50% of the premium for flood insurance.
- Expansion of NFIP: Expands the National Flood Insurance Program (NFIP) to cover additional areas at risk of flooding.
- Funding for Mitigation Projects: Provides funding for mitigation projects that reduce the risk of flooding, such as levee construction and floodplain management.
Benefits
The bill is expected to provide the following benefits:
- Financial Assistance: Provides tax relief to homeowners and businesses impacted by flooding.
- Increased Flood Insurance Coverage: Expands NFIP coverage to help more people obtain flood insurance.
- Reduced Flood Risk: Funds mitigation projects that reduce the risk of flooding.
Opposition
The bill has faced some opposition, primarily from Republicans. Critics argue that the bill’s tax credits are too costly and that they would incentivize people to build in flood-prone areas.
Current Status
The bill was referred to the House Committee on Ways and Means upon introduction. It has not yet been scheduled for a committee hearing or a vote on the House floor.
Conclusion
H.R. 10004 is a significant piece of legislation that aims to provide financial assistance to homeowners and businesses impacted by flooding. The bill has the potential to provide relief to those affected by flooding and reduce the risk of future flooding events. However, the bill faces some opposition and its future passage is uncertain.
H.R. 10004 (IH) – Flood Loss Offset and Affordability Tax Credit Act of 2024
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