S. 35 · Where this bill is now
In committee
Introduced in the Senate, Jan 8, 2025
What this bill does
In plain words · AI-written from the official summaryLets homeowners deduct insurance costs from taxes
This bill creates a new tax deduction for homeowners. You could deduct up to $10,000 per year in homeowners insurance premiums you pay for your main residence directly from your income before calculating taxes owed.
How it affects you
If you own a home, this could lower your taxable income and potentially reduce your federal income taxes. The bigger your homeowners insurance bill, the more the deduction could help, up to that $10,000 limit.
Read the official summary (Introduced in Senate, Jan 8, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionS. 35
A BILL
Homeowners Premium Tax Reduction Act of 2025
Sponsor: Sen. Rick Scott (R-FL) · Introduced Jan 8, 2025 · Taxation · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Jan 8, 2025: “Read twice and referred to the Committee on Finance.”