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Bill

A 3373

Creates a personal income tax credit for taxpayers who pay an excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence

2025 Regular Session Introduced by Chris Eachus

Creates a personal income tax credit to offset excess flood insurance premiums for primary residences, reducing homeowners' after-tax costs from high premiums.

REFERRED TO WAYS AND MEANS
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WeVote Research Nonpartisan
Bill Summary · A 3373

Summary of Bill A 3373

Overview

Bill A 3373 would create a personal income tax credit for taxpayers who pay an "excess premium" for flood insurance covering their primary residence during the applicable tax year. The bill is currently in the Ways and Means committee, having been introduced on January 27, 2025. Primary sponsor is Christopher Eachus.

Purpose and Intent

  • Provide targeted tax relief to homeowners facing high flood insurance costs.
  • Align tax policy with flood risk management and resilience by reducing the after-tax burden of flood insurance premiums for primary residences.

Key Provisions (as described in the bill’s title)

  • Establishment of a personal income tax credit for taxpayers who pay an excess flood insurance premium in a tax year for coverage on their primary residence.
  • The credit would be applied against the taxpayer’s personal income tax liability for the applicable tax year.
  • The bill’s available text would define what constitutes an “excess premium” and set any applicable thresholds, caps, phase-outs, eligibility rules, and administrative procedures. These specifics are not provided in the summary.
  • Details on refundability, carryover provisions, sunset dates, and interaction with other tax credits are not specified here and would be found in the full bill text.

Who is Affected

  • Taxpayers who own a primary residence and pay flood insurance premiums that qualify as an “excess premium.”
  • Likely applicants include homeowners with NFIP or private flood insurance policies, subject to the bill’s definitions and limits.

Procedural and Timeline Aspects

  • Introduced: January 27, 2025.
  • Status: Referred to Ways and Means (listed twice in actions, indicating committee referral and ongoing review within that committee).
  • Next steps typically include committee hearings, potential amendments, and floor consideration, subject to the legislative calendar and fiscal impact analysis.

Fiscal and Administrative Considerations

  • The credit would reduce state personal income tax revenue by the amount of eligible credits claimed, depending on the credit size and eligible population.
  • Administering the credit would require tax form changes and clear definitions of “excess premium,” documentation standards, and eligibility verification.

Related Legislation

  • Prior-session or companion bills include S 6592, S 91, S 92, A 10061, and S 5451 (companions). These may share similar aims or provisions and could inform future amendments or alternative versions.

Notes

  • Specific credit amount, eligibility limits, calculation method, and sunset provisions are not included in the summary and would be determined by the bill’s text. Readers should review the full bill for precise language and fiscal impact details.

Compiled from official sources — confirm details with the bill’s official record.

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