Bills · S 35
IN COMMITTEE· 119TH CONGRESS
Senate BillS 35Income tax deductionsLife, casualty, property insurance
Homeowners Premium Tax Reduction Act of 2025
INTRO JAN 8· LAST ACTION JAN 8
READING
2MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
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- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it directly impacts the financial burden of homeownership. Homeowners insurance costs have been rising significantly in many parts of the country due to increasing natural disasters, inflation, and construction costs. This bill offers a tangible way to offset some of those expenses, potentially putting more money back into homeowners' pockets.
If this bill becomes law, eligible homeowners could see a reduction in their annual tax liability, providing some financial relief. If it doesn't become law, homeowners will continue to pay taxes on their full income without this specific deduction, meaning the financial pressure from rising insurance premiums would remain unchanged from a tax perspective. It addresses the real-world issue of the affordability of owning a home.
KEY PROVISIONS
4AI-extractedPROVISION 01
Creates a new tax deduction for homeowners insurance premiums.
This allows individuals to reduce their taxable income by the amount spent on their main home's insurance.
PROVISION 02
Limits the deduction to a maximum of $10,000 per year.
This sets a ceiling on the potential tax savings for homeowners, regardless of how high their premiums are.
PROVISION 03
Designates the deduction as an "above-the-line" deduction.
This means it lowers a taxpayer's Adjusted Gross Income (AGI), which can have implications for eligibility for other tax credits or deductions.
PROVISION 04
Applies the deduction only to homeowners insurance for an individual's principal residence.
This ensures the deduction targets primary homes and not investment properties or vacation homes.
SPONSORSHIP
1 + 0
R· Florida
YRS IN OFFICE
7
BILLS LED
185
ACTION TIMELINE
2 EVENTSJAN 8
Introduced in Senate
JAN 8
Read twice and referred to the Committee on Finance.
BILL INFO
TypeSenate Bill
NumberS 35
Congress119th
StatusIn Committee
IntroducedJan 8, 2025
Last actionJan 8, 2025
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IN COMMITTEE· 119TH CONGRESS · FINANCE COMMITTEE · INTRODUCED JAN 8, 2025
Senate BillS 35Income tax deductionsLife, casualty, property insurance
Homeowners Premium Tax Reduction Act of 2025
INTRODUCED JAN 8, 2025· LAST ACTION JAN 8, 2025
PASSAGE CHANCES
—%
READING
2 min
COSPONSORS
0
COMPLEXITY
Moderate
