for a taxable year shall be reduced (but not below zero) by— (A) in the case of a joint return, 0.6 percent of so much of the taxpayer’s income for such taxable year as exceeds $100,000, and (B) in any other case, 1.2 percent of so much of the taxpayer’s income for such taxable year as exceeds $50,000. (c) Definition For purposes of this section: (1) Federal flood insurance expense The term Federal flood insurance expense means the excess of— (A) amounts paid or incurred as premiums for flood insurance coverage made available under the National Flood Insurance Act of 1968, over (B) Federal contents coverage flood insurance expense. (2) Private flood insurance expense The term private flood insurance expense means amounts paid or incurred as premiums for flood insurance coverage other than flood insurance coverage made available under the National Flood Insurance Act of 1968, including such coverage for the contents of a structure. (3) Federal contents coverage flood insurance expense The term Federal contents coverage flood insurance expense means amounts paid or incurred as premiums for flood insurance coverage made available under the National Flood Insurance Act of 1968 for contents of a structure. (d) Primary residence Federal flood insurance expenses, private flood insurance expenses, and Federal contents coverage flood insurance expenses shall only be taken into account to the extent that such expenses are paid or incurred for coverage related to the taxpayer’s principal residence. (e) Denial of double benefit No credit shall be allowed under subsection (a) for any amount with respect to which a deduction is allowed due to subsection (c) or (e) of section 280A. (f) Inflation adjustment In the case of any taxable year beginning in calendar years after 2019, each of the dollar amounts in subsections (a) and (b) shall be increased by an amount equal to— (1) such dollar amount, multiplied by (2) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year