Rick Scott, Byron Donalds pursue tax breaks for flood insurance
New bicameral legislation from two Florida Republicans would give a break to homeowners chafing under insurance costs.
U.S. Sen. Rick Scott and U.S. Rep. Byron Donalds are introducing legislation (S.4143) to amend the tax code to provide an above-the-line deduction for flood insurance premiums.
Scott calls he measure a “commonsense bill to ensure Floridians can maintain coverage without breaking the bank.”
The measure emerges as coverage for water damage goes from “nice to have” to must have in the Sunshine State and elsewhere amid ever more powerful storm systems. Flood insurance costs have also increased in the state amid recent revisions to the Federal Emergency Management Agency’s (FEMA)...
