Personal Income Tax Law: deductions: homeowners’ insurance premiums.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill allows homeowners in California to deduct their homeowners’ insurance premiums from their taxable income. The deduction is available for premiums paid or incurred during the tax years beginning on or after January 1, 2026, and before January 1, 2031, provided the taxpayer meets certain income requirements and owns a primary residence eligible for the homeowner’s or veteran’s exemption. The goal of this deduction is to help homeowners afford rising insurance costs.
Key provisions
- Allows a deduction for homeowners’ insurance premiums.
- Deduction applies to premiums paid on a primary residence.
- Eligibility requires an adjusted gross income not exceeding $125,000 for individuals and $250,000 for married couples filing jointly.
- Primary residence must be eligible for the homeowner’s or veteran’s exemption.
- The Franchise Tax Board must report on the number of taxpayers receiving the deduction annually.
- The deduction is set to expire on December 1, 2031.
- This bill includes performance indicators to assess the deduction's effectiveness.
- The deduction is intended to address rising homeowners’ insurance costs.
Who is affected
- Homeowners
- Taxpayers
- California Residents
- Individuals
- Married Couples Filing Jointly
Notable changes
Bill text
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Sponsors
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1 on record
Primary sponsor
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