Bill · S. 35· Senate(119-S-35)
Homeowners Premium Tax Reduction Act of 2025
- Introduced
- 1/8/2025
- Last activity
- 1/8/2025 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Rick Scott
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
The Homeowners Premium Tax Reduction Act of 2025 aims to amend the Internal Revenue Code of 1986. It proposes to create a new "above the line" deduction for certain homeowners insurance premiums. This deduction would apply to annual policy premiums paid for an individual's principal residence. The deduction is capped at $10,000 per taxable year. These changes would apply to taxable years ending after the Act is enacted.
Yes· 3 of 6
Would people in middle age be better off under this?+5
Middle-aged homeowners can benefit from the new deduction for their principal residence insurance.
Would people over 65 be better off under this?+5
Seniors who own their principal residence can utilize this tax deduction.
Would middle-income households be better off under this?+5
The bill provides tax relief specifically for homeowners through an above-the-line deduction.
The opposite
Does this reduce what the federal government spends?-2
Providing a new tax deduction reduces federal tax revenue.
Who it would affect, and how
Potential Positive Impacts for People
-
Tax Relief for Homeowners: Individuals can claim a deduction for annual policy premiums paid for homeowners insurance on their principal residence, which may reduce their taxable income (Section 2, Subsection a).
-
Specific Deduction Cap: The bill allows for a deduction of qualified insurance premiums up to a limit of $10,000 (Section 2, Subsection a).
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Middle Aged+5Good For Middle Class Households+5Good For Seniors+5Good For High Income Households+4
- Economy And Finance
- Reduces Middle Class Taxes+5Reduces Government Spending-2
- Social Issues And Justice
- Improves Affordable Housing+3
- 1/8/2025
- Read twice and referred to the Committee on Finance.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.