Homeowners Premium Tax Reduction Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill creates a new tax deduction for homeowners. It allows individuals to deduct up to $10,000 of their annual homeowners insurance premiums from their gross income. This deduction is designed to be claimed above the line, meaning it’s calculated before adjusted gross income. The deduction applies to premiums paid for homeowners insurance on a principal residence.
Key provisions
- Creates an above-the-line deduction for homeowners insurance premiums.
- The maximum deduction allowed is $10,000 per year.
- The deduction applies to annual policy premiums.
- The insurance must be for the homeowner’s principal residence.
- The deduction is claimed against gross income.
Who is affected
- Homeowners
- Taxpayers
Notable changes
- Introduces a new deduction not currently present in the tax code.
Fiscal impact
The bill could potentially reduce federal tax revenue by the amount of deductions claimed by eligible taxpayers.
Bill text
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Sponsors
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1 on record
Primary sponsor
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