Advance payments

(a) In general Chapter 77 of the Internal Revenue Code of 1986 is amended by inserting after section 7527A the following new section: 7527B. Advance payment of credit for certain flood insurance coverage (a) In general The Secretary shall establish a program for making payments of applicable flood insurance premiums (as defined in section 36C(c)) on behalf of applicable individuals to the Administrator of the Federal Emergency Management Agency for such individuals. (b) Limitation on advance payments during any taxable year (1) In general The Secretary may make payments under subsection (a) only to the extent that the total amount of such payments made on behalf of any applicable individual during the taxable year does not exceed 33 percent of the applicable flood insurance premiums (as defined in section 36C) paid or incurred by the applicable individual during such taxable year (reduced as provided under section 36C(b) based on applicable information). (2) Applicable information For purposes of paragraph (1), the term applicable information means— (A) tax return information for the most recent taxable year for which the Secretary determines information is available, or (B) such other information as the Secretary determines is reliable to determine the amount (if any) of any reduction under section 36C(b). (c) Applicable individual For purposes of this section, the term applicable individual means any individual who elects the application of this section (in such form and manner as provided by the Secretary).. (b) Clerical amendment The table of sections for chapter 77 of such Code is amended by inserting after the item relating to section 7527A the following new item: Sec. 7527B. Advance payment of credit for certain flood insurance coverage..