Bill > S04056

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 providing coverage on 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 per year. If the credit exceeds the taxpayer's tax liability, the excess is treated as an overpayment and can be credited or refunded, though no interest will be paid. The total amount of tax credits allowed under this provision is capped at $5 million per year. The bill also authorizes the Commissioner of Taxation and Finance to promulgate any necessary rules and regulations to implement the credit.