Bill > S00092

This bill allows an individual taxpayer to claim a credit against their income tax for excess premium paid during the applicable tax year for flood insurance covering the taxpayer's primary residence. The credit is equal to the amount by which the premium paid exceeds 5% of the taxpayer's adjusted gross income, up to a maximum of $1,250. Any unused credit may be carried forward for up to 5 years. The bill also authorizes the Commissioner of Taxation and Finance to promulgate any necessary rules and regulations for the implementation of the act.