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Homeowners Premium Tax Reduction Act of 2025
To amend the Internal Revenue Code of 1986 to create an above the line deduction for certain homeowners insurance premiums.
Summary
This bill creates a tax deduction for homeowners insurance premiums paid by individual taxpayers on their principal residence. The deduction would allow taxpayers to deduct up to $10,000 per year in homeowners insurance premiums as an above-the-line deduction, meaning it reduces adjusted gross income rather than only being available to those who itemize deductions. The deduction applies to annual policy premiums for homeowners insurance and uses the same definition of principal residence as existing tax law. The provision would be effective for taxable 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)
- Sen. Scott, Rick [R-FL] (R-FL)
Actions (2)
- Jan 8, 2025 Read twice and referred to the Committee on Finance. · senate
- Jan 8, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
January 8, 2025
Mr. Scott of Florida introduced the following bill; which was read twice and referred to the Committee on Finance
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 2025”.
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 224 as section 225 and by inserting after section 223 the following new section:
“SEC. 224. 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 224.”.
(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 224 and by inserting after the item relating to section 223 the following new items:
“Sec. 224. Homeowners insurance premiums. “Sec. 225. 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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