1. Short title This Act may be cited as the Flood Insurance Relief Act . 2. Deduction for flood insurance premiums (a) Allowance of deduction (1) In general Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and inserting after section 223 the following new section: 224. Flood insurance premiums (a) Deduction allowed In the case of an individual, there shall be allowed as a deduction qualified flood insurance premiums paid or incurred during the taxable year with respect to property owned by the taxpayer. (b) Limitation (1) In general Subsection (a) shall not apply with respect to any taxpayer whose adjusted gross income for the taxable year exceeds $200,000 ($400,000 in the case of a joint return). (2) Application For purposes of paragraph (1), the adjusted gross income of the taxpayer shall be determined— (A) after application of sections 86, 135, 137, 219, 221, and 469, and (B) without regard to this section. (c) Qualified flood insurance premiums For purposes of this section, the term qualified flood insurance premiums means— (1) any chargeable risk premium for flood insurance coverage under the program established under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq. ) or for coverage under private flood insurance, as defined in section 102(b) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a(b) ), (2) any Federal Policy Fee, as defined in Appendix A(1) to part 61 of title 44, Code of Federal Regulations, or any successor regulation, (3) any surcharge described in the matter after and below paragraph (4)(D) of section 1304(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011(b) ), and (4) any premium surcharge under section 1308A of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015a ). . (2) Clerical amendment The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by redesignating the item relating to section 224 as relating to section 225 and by