Bill > A10061

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 amount is equal to the excess premium paid by the taxpayer, up to a maximum of $1,250 per year. If the credit exceeds the taxpayer's tax for the year, the excess will be treated as an overpayment to be credited or refunded, but no interest will be paid. The total amount of tax credits allowed under this provision is limited to $5 million per year. The bill also authorizes the Commissioner of Taxation and Finance to promulgate any necessary rules and regulations, and it applies to taxable years beginning on or after January 1, 2025.