Scott and Moody introduce bill to provide tax relief for flood insurance

U.S. Sen. Rick Scott and U.S. Sen. Ashley Moody have reintroduced the Flood Insurance Relief Act to provide tax relief for Americans with a non-refundable tax deduction on flood insurance premiums paid through the National Flood Insurance Program (NFIP) or through private insurers.

Florida’s two senators contend the bill will help ease the financial burden of rising flood insurance costs for residents of Florida and across the nation.

“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. 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,” Scott said.

Moody said she has been hearing from Floridians worried about flood insurance costs.

“The Flood Insurance Relief Act is a critical solution that will directly benefit Floridians,”

U.S. Rep. Byron Donalds, who will be visiting The Villages later this week, is leading the companion legislation in the U.S. House of Representatives.

“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.