What This Bill Does · Plain English
Summary · Congress.gov
Homeowners Premium Tax Reduction Act of 2025 This bill establishes a new deduction of up to $10,000 claimed against gross income (above-the-line tax deduction) for annual policy premiums paid or incurred for homeowners insurance on an individual's principal residence.
Action Timeline
2025-01-08
Read twice and referred to the Committee on Finance.
2025-01-08
Introduced in Senate
Frequently Asked Questions
Did S.35 pass?
S.35 is still alive. Current stage: COMMITTEE. Pass likelihood: 42%.
What does S.35 do?
Homeowners Premium Tax Reduction Act of 2025 This bill establishes a new deduction of up to $10,000 claimed against gross income (above-the-line tax deduction) for annual policy premiums paid or incurred for homeowners insurance on an individual's principal residence.
Who sponsored S.35?
S.35 was sponsored by Rick Scott (R-Florida).
Full Bill Text
119 S35 IS: Homeowners Premium Tax Reduction Act of 2025 U.S. Senate 2025-01-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 35 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. 1. Short title This Act may be cited as the Homeowners Premium Tax Reduction Act of 2025 . 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: 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.
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