Homeowners Premium Tax Reduction Act of 2024
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Progress
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- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill creates a new tax deduction for homeowners, allowing them to deduct up to $10,000 of their annual homeowners insurance premiums from their gross income. This deduction, known as an ‘above-the-line’ deduction, can be claimed by individuals whose primary residence is covered by the insurance. The bill amends the Internal Revenue Code to formally establish this deduction and integrate it into existing tax calculations.
Bill text
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1 on record
Primary sponsor
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