Booker, Cassidy Introduce Legislation to Give Americans Relief from Rising Flood Insurance Premiums

WASHINGTON, D.C. - Today, U.S. Senators Cory Booker (D-NJ) and Bill Cassidy, M.D. (R-LA) introduced the Flood Insurance Affordability Tax Credit Act to give low- and middle-income households enrolled in the National Flood Insurance Program (NFIP) a 33 percent refundable tax credit to combat rising flood insurance premiums. Many Americans are struggling to afford the cost of rising flood insurance premiums, including thousands of New Jersey families that rely on this critical program to protect them in the event of extreme weather and flooding.

"Flood insurance is becoming less and less affordable for families across our country," said Senator Booker. "This bipartisan legislation will provide much needed relief for low- and middle-income households, particularly in New Jersey, where many families are grappling with rising premiums through the National Flood Insurance Program. This legislation is one important step forward as we work to expand access, lower costs, and protect New Jersey families from extreme weather and flooding."

"The National Flood Insurance Program's outlandish premiums are crippling Americans' ability to protect their families and homes," said Dr. Cassidy. "While we work to fix the broken system, this tax credit provides relief to current policyholders and provides a path for others to re-enroll in the program."

The Flood Insurance Affordability Tax Credit Act will also direct the Treasury Secretary to establish a program where premiums can be paid in advance on behalf of taxpayers when premiums are due, benefitting families when they need it most.

To read the full text of the bill, click here.

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