Garbarino, Gottheimer Introduce Bipartisan FLOAT Act to Reduce the Financial Burden Of Flood Insurance Costs

WASHINGTON, D.C. – Congressmen Andrew R. Garbarino (R-NY-02) and Josh Gottheimer (D-NJ-05) introduced the bipartisan Flood Loss Offset and Affordability Tax Credit (FLOAT) Act. The legislation introduces a tax credit of up to $1,000 to help individuals and families afford flood insurance premiums, whether through the National Flood Insurance Program (NFIP) or private insurers.

The FLOAT Act aims to ease the financial burden of flood insurance, encouraging homeowners to invest in protective coverage. The tax credit will be available to households earning under $200,000 annually, with a phaseout for higher incomes, and up to $400,000 for joint filers. The credit is also limited to primary residences and is inflation-adjusted to ensure long-term affordability.

"Long Islanders know firsthand the impact of flooding and the importance of being prepared. This legislation provides a critical incentive for homeowners to protect their properties without breaking the bank,” said Rep. Garbarino. “With instances of severe weather on the rise, the FLOAT Act ensures that families in my district can afford flood insurance coverage, enabling them to recover quickly and avoid devastating financial losses."

The FLOAT Act reflects a proactive approach to mitigating the risks and costs associated with severe weather events. By offering an annual tax credit for flood insurance premiums, the legislation makes insurance more accessible and ensures that homeowners and their communities can withstand and recover from disasters more effectively.

Read the full bill text here. 

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