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Homeowners Premium Tax Reduction Act of 2026
To amend the Internal Revenue Code of 1986 to create an above the line deduction for certain homeowners insurance premiums.
Summary
- Creates a new above-the-line tax deduction for homeowners insurance premiums paid by individual taxpayers.
- Limits the deduction to $10,000 per tax year.
- Applies only to premiums for homeowners insurance on the taxpayer's principal residence.
- Takes effect for tax years ending after the bill's enactment date.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Money behind the sponsor
Top reported contributors to Gus M. Bilirakis’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Gus M. Bilirakis → · Outside spending →
Actions (2)
- Jul 30, 2026 Referred to the House Committee on Ways and Means. · house
- Jul 30, 2026 Introduced in House
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
July 30, 2026
Mr. Bilirakis introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to create an above the line deduction for certain homeowners insurance premiums.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Homeowners Premium Tax Reduction Act of 2026”.
SEC. 2. DEDUCTION FOR HOMEOWNERS INSURANCE PREMIUMS.
(a) In General.—Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 226 as section 227 and by inserting after section 225 the following new section:
“SEC. 226. HOMEOWNERS INSURANCE PREMIUMS.
“(a) Allowance of Deduction.—In the case of an individual, there shall be allowed as a deduction an amount equal to so much of the qualified insurance premiums paid or incurred during the taxable year as does not exceed $10,000.
“(b) Qualified Insurance Premiums.—For purposes of this section, with respect to an individual, the term ‘qualified insurance premiums’ means annual policy premiums paid or incurred for homeowners insurance with respect to the principal residence of the individual.
“(c) Principal Residence.—For purposes of this section, the term ‘principal residence’ has the same meaning as when used in section 121.”.
(b) Deduction Allowed in Determining Adjusted Gross Income.— Section 62(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (21) the following new paragraph:
“(22) Homeowners insurance premiums.—The deduction allowed by section 226.”.
(c) Clerical Amendment.—The table of sections for part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by striking the item relating to section 226 and by inserting after the item relating to section 225 the following new items:
“Sec. 226. Homeowners insurance premiums. “Sec. 227. Cross reference.”.
(d) Effective Date.—The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. <all>
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