US SB586

Creates a refundable tax credit equal to 33% of flood insurance premiums paid for a taxpayer's principal residence under the National Flood Insurance Program

Credit phases out for households with income between 350% and 435% of the federal poverty line, with no credit available above 435% of the poverty line

Establishes an advance payment program allowing the Treasury Secretary to pay eligible flood insurance premiums directly to FEMA on behalf of qualifying individuals who elect to participate

Married taxpayers must file jointly to claim the credit, and dependents claimed on another taxpayer's return are ineligible

Applies to premiums paid in taxable years beginning after the date of enactment