Homeowners Premium Tax Reduction Act of 2024

Bill: 118-s-4934
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2024-08-01
Policy area: Taxation
Subjects: Income tax deductions

Life, casualty, property insurance
Latest action: action_date: 2024-08-01
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2024-08-01
action_desc: Introduced in Senate
text: <p><strong>Homeowners Premium Tax Reduction Act of 2024</strong></p><p>This bill allows a deduction from gross income (above-the-line tax deduction) for up to $10,000 of annual policy premiums paid or incurred for homeowners insurance for an individual's principal residence.&nbsp;</p>

tv_txt: II 118th CONGRESS 2d Session S. 4934 IN THE SENATE OF THE UNITED STATES August 1, 2024 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 2024 . 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.