Flood Insurance Affordability Tax Credit Act
Latest Action
Read twice and referred to the Committee on Finance.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™The Flood Insurance Affordability Tax Credit Act (S.5466) was a Senate bill introduced in the 118th Congress aimed at providing a tax credit related to flood insurance affordability. The bill was referred to the Senate Committee on Finance after being read twice but did not advance further and ultimately failed or expired. No official summary or full text is available, limiting detailed analysis of its provisions. The bill falls under the policy area of taxation and appears intended to address financial aspects of flood insurance costs.
This bill sought to create a tax credit to improve flood insurance affordability but did not progress beyond committee referral and expired without enactment.
- The bill was introduced in the Senate during the 118th Congress as S.5466.
- It relates to taxation policy, specifically targeting flood insurance affordability.
- The latest recorded action was referral to the Senate Committee on Finance on December 10, 2024.
- The bill status is listed as failed or expired, indicating no further legislative action occurred.
- No official summary or full bill text is publicly available, limiting detailed content analysis.
['Individuals and households facing high flood insurance premiums who might receive tax credits to reduce costs.', 'Insurance policyholders in flood-prone areas potentially benefiting from improved affordability.', 'Potentially insurance companies and financial institutions involved in flood insurance markets.']
['Lack of publicly available full bill text and official summary limits transparency and understanding of implementation details.', 'Unclear funding mechanism or fiscal impact due to absence of detailed provisions.', 'Oversight and enforcement provisions are unknown, raising questions about administration and compliance.', 'Potential tradeoffs between tax revenue impacts and flood insurance affordability benefits are not detailed.']
The bill was introduced in the Senate and referred to the Committee on Finance but did not advance further, resulting in failure or expiration. It is situated within ongoing legislative efforts to address the affordability of flood insurance, a topic of interest due to increasing flood risks and insurance costs. The absence of further action suggests limited legislative momentum or prioritization during the 118th Congress.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential reduction in flood insurance premiums for qualifying individuals could increase insurance uptake in flood-prone areas.', 'Tax credit provisions might affect federal tax revenues, influencing budget allocations.', 'Improved affordability may indirectly impact real estate markets in flood zones by altering insurance cost dynamics.']
The absence of an official summary and full bill text significantly limits transparency and public understanding of the bill's scope and mechanisms. The bill's failure to advance beyond committee referral further restricts available information. Oversight entities would require access to detailed provisions and fiscal analyses to evaluate implementation feasibility and risks effectively.
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