119-s35

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 35 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 35

To amend the Internal Revenue Code of 1986 to create an above the line 
 deduction for certain homeowners insurance premiums.

_______________________________________________________________________

 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.
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