IN THE SENATE OF THE UNITED STATES
August 10, 2021
Mr. Wicker (for himself and Mrs. Hyde-Smith) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the National Flood Insurance Act of 1968 to provide relief from surcharges to small businesses and nonprofit organizations.
This Act may be cited as the
Small Business Surcharge Relief Act.
Relief from surcharge
Section 1308A(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4015a(a)) is amended—
in the first sentence, by striking
The Administrator and inserting the following:
Except as provided in paragraph (2), the Administrator
by adding at the end the following:
Relief for small businesses and nonprofits
In this paragraph, the term covered small business or nonprofit organization means a small business concern (as defined in section 3 of the Small Business Act (15 U.S.C. 632)) or an organization that is described in section 501(c)(3) of the Internal Revenue Code of 1986 and is exempt from taxation under section 501(a) of such Code that owns not fewer than 3 structures that are located on a single property.
The Administrator may not impose a surcharge under this section for a policy for flood insurance coverage under the National Flood Insurance Program for a covered small business concern or nonprofit organization with respect to more than 2 detached units or buildings located on a single property if the covered small business or nonprofit organization certifies to the Administrator that the savings from the surcharge not being imposed shall be used for flood mitigation on the property on which the units or buildings are located.