US SB2313

Creates a new above-the-line tax deduction for qualified flood insurance premiums paid on property owned by the taxpayer, allowing the deduction even for those who take the standard deduction

Limits eligibility to taxpayers with adjusted gross income of $200,000 or less ($400,000 for joint filers)

Covers premiums under the National Flood Insurance Program, private flood insurance, Federal Policy Fees, and various surcharges under the National Flood Insurance Act

Amends the Internal Revenue Code of 1986 by adding new Section 224 and makes conforming amendments to multiple related tax code provisions

Applies to taxable years beginning after the date of enactment