[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6413 Introduced in House (IH)]
110th CONGRESS
2d Session
H. R. 6413
To prohibit the Administrator of the Federal Emergency Management
Agency from updating flood maps until the Administrator submits to
Congress a community outreach plan, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 26, 2008
Mr. Pallone introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Ways and Means, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To prohibit the Administrator of the Federal Emergency Management
Agency from updating flood maps until the Administrator submits to
Congress a community outreach plan, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. MORATORIUM ON FLOOD MAP UPDATES.
The Administrator of the Federal Emergency Management Agency may
not revise and update a floodplain area or flood-risk zone under
section 1360(f) of the National Flood Insurance Act of 1968 (42 U.S.C.
4101(f)) until the date on which the Administrator submits to Congress
a community outreach plan for the updating of floodplain areas and
flood-risk zones.
SEC. 2. REFUNDABLE CREDIT FOR RESIDENTIAL PROPERTY LOCATED IN EXPANDED
FLOOD ZONE.
(a) In General.--Subpart C of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to refundable credits)
is amended by redesignating section 36 as section 37 and by inserting
after section 35 the following new section:
``SEC. 36. NEW FLOOD ZONE PREMIUM CREDIT.
``(a) Allowance of Credit.--In the case of an eligible individual,
there shall be allowed as a credit against the tax imposed by this
chapter for the taxable year an amount equal to the premium paid by the
taxpayer for flood insurance under the National Flood Insurance Act of
1968 (42 U.S.C. 4001 et seq.) covering any residential property of the
taxpayer which is a qualified flood risk property.
``(b) Limitations.--
``(1) Limitation based on income.--
``(A) In general.--The amount which would (but for
this subsection) be allowable as a credit under this
section shall be reduced (but not below zero) by the
amount determined under subparagraph (B).
``(B) Amount of reduction.--The amount determined
under this subparagraph is the amount which bears the
same ratio to the amount which would be so taken into
account as--
``(i) the excess of--
``(I) the taxpayer's modified
adjusted gross income for such taxable
year, over
``(II) $50,000 ($100,000 in the
case of a joint return), bears to
``(ii) $100,000 ($200,000 in the case of a
joint return).
``(C) Modified adjusted gross income.--For purposes
of subparagraph (B), the term `modified adjusted gross
income' means adjusted gross income determined--
``(i) without regard to this section and
sections 199, 222, 911, 931, and 933, and
``(ii) after application of sections 86,
135, 137, 219, 221, and 469.
``(2) Limitation based on period.--No amount shall be
allowed as a credit under subsection (a) with respect to any
residential property after the end of the 4th calendar
beginning after the calendar year in which the map referred to
in subsection (c)(1) first became effective.
``(c) Qualified Flood Risk Property.--For purposes of this section,
the term `qualified flood risk property' means a residential property
(within the meaning of the National Flood Insurance Act of 1968)
which--
``(1) is located in a floodplain area or flood-risk zone,
as depicted on a flood insurance rate map revised and updated
pursuant to section 1360(f) of the National Flood Insurance Act
of 1968 (41 U.S.C. 4101),
``(2) was outside of any floodplain area or flood-risk zone
prior to such revision and updating, and
``(3) with respect to which--
``(A) the taxpayer owned such property on the date
such revised and updated map first became effective, or
``(B) the purchase or construction of which by the
taxpayer was subject to a binding written contract on
such date.''.
(b) Conforming Amendments.--
(1) Paragraph (2) of section 1324(b) of title 31, United
States Code, is amended by inserting ``, 36'' after ``35''.
(2) The table of sections for subpart C of part IV of
subchapter A of chapter 1 of the Internal Revenue Code of 1986
is amended by striking the item relating to section 36 and
inserting the following new items:
``Sec. 36. New flood zone premium credit.
``Sec. 37. Overpayments of tax.''.
(c) Effective Date; Waiver of Limitations.--
(1) In general.--The amendments made by this section shall
apply with respect to any flood insurance rate map which
becomes effective pursuant to section 1360(f) of the National
Flood Insurance Act of 1968 (41 U.S.C. 4101).
(2) Waiver of limitations.--If refund or credit of any
overpayment of tax resulting from the amendments made by this
section is prevented at any time before the close of the 1-year
period beginning on the date of the enactment of this Act by
the operation of any law or rule of law (including res
judicata), such refund or credit may nevertheless be made or
allowed if claim therefor is filed before the close of such
period.
SEC. 3. GRANT PROGRAM TO IMPROVE COMMUNITY RATING.
Section 1315(b) of the National Flood Insurance Act of 1968 (42
U.S.C. 4022(b)) is amended--
(1) by redesignating paragraph (4) as paragraph (5); and
(2) by inserting after paragraph (3) the following new
paragraph:
``(5) Grants.--The program shall provide grants to
communities for projects to improve the community rating of the
communities under the program.''.
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