Central Louisiana News

U.S. Senators Bill Cassidy and Cory Booker have introduced the Flood Insurance Affordability Tax Credit Act, aiming to provide financial relief to low- and middle-income households enrolled in the National Flood Insurance Program (NFIP). The proposed legislation offers a 33 percent refundable tax credit to help combat rising flood insurance premiums.

FEMA's risk assessment program, Risk Rating 2.0, has been identified as a key factor in the increasing costs of flood insurance, affecting many Americans, including thousands in Louisiana who have had to abandon their policies. "While we work to fix the broken National Flood Insurance Program, this tax credit provides relief to current policyholders struggling with skyrocketing premiums," said Senator Cassidy. "We must give Americans the ability to protect their families and homes."

Senator Booker emphasized the importance of making flood insurance more affordable: "Flood insurance is a critical safety net for families, but costs are going up and it’s harder and harder to afford." He added that this bipartisan legislation will offer significant relief by providing a tax credit to those struggling with premium increases.

The bill also includes provisions directing the U.S. Treasury Secretary to establish a program allowing premiums to be paid in advance on behalf of taxpayers when due, thereby assisting families during critical times.

In recent years, Senator Cassidy has been vocal about NFIP-related issues. In 2024 alone, he delivered several speeches on the Senate floor calling for reforms and released a report detailing challenges within NFIP that contribute to rising premiums. Additionally, he participated in hearings and discussions with community leaders focused on sustainable flood insurance solutions.

Cassidy's engagement with constituents included visiting St. Bernard Parish in 2023 for discussions about flood insurance premiums as part of his series "Bill on the Hill."