WeVote
Log In

Bill

Bill

S 5451

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 Leroy Comrie

Creates a state personal income tax credit for homeowners paying an excess flood insurance premium on their primary residence, reducing tax liability for eligible filers.

REFERRED TO BUDGET AND REVENUE
0
WeVote Research Nonpartisan
Bill Summary · S 5451

Summary of Senate Bill S 5451

Overview

S 5451 would create a state personal income tax credit aimed at taxpayers who pay an "excess premium" for flood insurance covering their primary residence during the applicable tax year. The bill is currently in the referral stage, having been forwarded to the Budget and Revenue committee on February 21, 2025. The primary sponsor is Senator Leroy Comrie. Companion and related measures exist in both Senate and Assembly across prior sessions (e.g., S 6592, S 91, S 92, S 4056; A 3373 as a companion).

Key Provisions (as described)

  • Establishment of a personal income tax credit for eligible taxpayers.
  • Eligibility tied to paying an excess premium for flood insurance coverage on the taxpayer’s primary residence during the tax year.
  • The mechanism by which the credit is calculated, capped, refundable vs. nonrefundable, carryforward provisions, and any phaseouts are not specified in the provided summary and would be defined in the bill text.
  • The credit is claimed against the state personal income tax liability for the tax year in which the excess premium was paid.

Who Would Be Affected

  • Taxpayers who own a primary residence and purchase flood insurance, specifically those who pay an excess portion of the premium during a tax year.
  • Households that rely on flood insurance for flood-prone areas and incur higher-than-threshold premiums could see a reduction in state tax liability if they qualify for the credit.

Procedural and Timeline Aspects

  • Status: Referred to Budget and Revenue (as of introduction date).
  • Introduced: February 21, 2025.
  • Next steps would typically include committee consideration (Budget and Revenue), potential amendments, passage by both chambers, and, if approved, a signature by the governor to become law.
  • Fiscal impact would be a key consideration for Budget and Revenue, influencing any amendments, caps, or offsets.

Related Legislation

  • Related Senate bills: S 6592, S 91, S 92, S 4056 (all prior-session measures).
  • Companion: Assembly version A 3373 (listed as a companion in the provided materials).

Notes for Further Review

  • The exact credit amount, eligibility thresholds, definitions of “excess premium,” interaction with other credits, and any sunset provisions or annual indexing are not detailed in the summary. Access to the full bill text would be necessary to provide precise calculations, caps, carryforward rules, and administrative procedures.

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

Sign in to ask a question.