Homeowners Insurance Tax Deduction: Up to $10,000 Above-the-Line Relief.
This bill introduces a new tax deduction allowing homeowners to subtract the cost of their principal residence insurance premiums from their income. The maximum deduction is capped at $10,000 annually. This change directly lowers the taxable income for eligible citizens, potentially resulting in lower tax bills and increased household savings.
Key points
New Tax Deduction: Allows individuals to deduct annual homeowners insurance premiums paid for their principal residence.
Deduction Limit: The maximum amount that can be deducted is $10,000 per year.
Above-the-Line Benefit: The deduction is allowed in determining Adjusted Gross Income, meaning taxpayers can claim it regardless of whether they itemize deductions or take the standard deduction.
Effective Date: The changes apply to taxable years ending after the date the Act is enacted.
Expired
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