| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 35 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to create an above the line |
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| 6 | 6 | | deduction for certain homeowners insurance premiums. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | JANUARY8, 2025 |
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| 9 | 9 | | Mr. S |
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| 10 | 10 | | COTTof Florida introduced the following bill; which was read twice and |
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| 11 | 11 | | referred to the Committee on Finance |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To amend the Internal Revenue Code of 1986 to create |
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| 14 | 14 | | an above the line deduction for certain homeowners in- |
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| 15 | 15 | | surance premiums. |
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| 16 | 16 | | Be it enacted by the Senate and House of Representa-1 |
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| 17 | 17 | | tives of the United States of America in Congress assembled, 2 |
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| 18 | 18 | | SECTION 1. SHORT TITLE. 3 |
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| 19 | 19 | | This Act may be cited as the ‘‘Homeowners Premium 4 |
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| 20 | 20 | | Tax Reduction Act of 2025’’. 5 |
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| 21 | 21 | | SEC. 2. DEDUCTION FOR HOMEOWNERS INSURANCE PRE-6 |
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| 22 | 22 | | MIUMS. 7 |
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| 23 | 23 | | (a) I |
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| 24 | 24 | | NGENERAL.—Part VII of subchapter B of chap-8 |
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| 25 | 25 | | ter 1 of the Internal Revenue Code of 1986 is amended 9 |
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| 26 | 26 | | VerDate Sep 11 2014 05:12 Jan 31, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S35.IS S35 |
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| 27 | 27 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 28 | 28 | | •S 35 IS |
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| 29 | 29 | | by redesignating section 224 as section 225 and by insert-1 |
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| 30 | 30 | | ing after section 223 the following new section: 2 |
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| 31 | 31 | | ‘‘SEC. 224. HOMEOWNERS INSURANCE PREMIUMS. 3 |
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| 32 | 32 | | ‘‘(a) A |
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| 33 | 33 | | LLOWANCE OFDEDUCTION.—In the case of an 4 |
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| 34 | 34 | | individual, there shall be allowed as a deduction an 5 |
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| 35 | 35 | | amount equal to so much of the qualified insurance pre-6 |
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| 36 | 36 | | miums paid or incurred during the taxable year as does 7 |
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| 37 | 37 | | not exceed $10,000. 8 |
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| 38 | 38 | | ‘‘(b) Q |
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| 39 | 39 | | UALIFIEDINSURANCEPREMIUMS.—For pur-9 |
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| 40 | 40 | | poses of this section, with respect to an individual, the 10 |
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| 41 | 41 | | term ‘qualified insurance premiums’ means annual policy 11 |
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| 42 | 42 | | premiums paid or incurred for homeowners insurance with 12 |
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| 43 | 43 | | respect to the principal residence of the individual. 13 |
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| 44 | 44 | | ‘‘(c) P |
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| 45 | 45 | | RINCIPALRESIDENCE.—For purposes of this 14 |
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| 46 | 46 | | section, the term ‘principal residence’ has the same mean-15 |
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| 47 | 47 | | ing as when used in section 121.’’. 16 |
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| 48 | 48 | | (b) D |
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| 49 | 49 | | EDUCTIONALLOWED IN DETERMININGAD-17 |
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| 50 | 50 | | JUSTEDGROSSINCOME.—Section 62(a) of the Internal 18 |
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| 51 | 51 | | Revenue Code of 1986 is amended by inserting after para-19 |
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| 52 | 52 | | graph (21) the following new paragraph: 20 |
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| 53 | 53 | | ‘‘(22) H |
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| 54 | 54 | | OMEOWNERS INSURANCE PREMIUMS .— 21 |
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| 55 | 55 | | The deduction allowed by section 224.’’. 22 |
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| 56 | 56 | | (c) C |
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| 57 | 57 | | LERICALAMENDMENT.—The table of sections 23 |
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| 58 | 58 | | for part VII of subchapter B of chapter 1 of the Internal 24 |
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| 59 | 59 | | Revenue Code of 1986 is amended by striking the item 25 |
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| 60 | 60 | | VerDate Sep 11 2014 05:12 Jan 31, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S35.IS S35 |
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| 61 | 61 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 3 |
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| 62 | 62 | | •S 35 IS |
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| 63 | 63 | | relating to section 224 and by inserting after the item re-1 |
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| 64 | 64 | | lating to section 223 the following new items: 2 |
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| 65 | 65 | | ‘‘Sec. 224. Homeowners insurance premiums. |
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| 66 | 66 | | ‘‘Sec. 225. Cross reference.’’. |
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| 67 | 67 | | (d) EFFECTIVEDATE.—The amendments made by 3 |
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| 68 | 68 | | this section shall apply to taxable years ending after the 4 |
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| 69 | 69 | | date of the enactment of this Act. 5 |
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| 70 | 70 | | Æ |
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| 71 | 71 | | VerDate Sep 11 2014 05:12 Jan 31, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S35.IS S35 |
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| 72 | 72 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB |
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