S. 35
119th CONGRESS 1st Session
To amend the Internal Revenue Code of 1986 to create an above the line deduction for certain homeowners insurance premiums.
IN THE SENATE OF THE UNITED STATES · January 8, 2025 · Sponsor: Mr. Scott of Florida · Committee: Committee on Finance
Table of contents
Sec. 224. Homeowners insurance premiums.
- (a) Allowance of deduction
- In the case of an individual, there shall be allowed as a deduction an amount equal to so much of the qualified insurance premiums paid or incurred during the taxable year as does not exceed $10,000.
- (b) Qualified insurance premiums
- For purposes of this section, with respect to an individual, the term
qualified insurance premiumsmeans annual policy premiums paid or incurred for homeowners insurance with respect to the principal residence of the individual.
- For purposes of this section, with respect to an individual, the term
- (c) Principal residence
- For purposes of this section, the term has the same meaning as when used in section 121.
principal residence
- For purposes of this section, the term has the same meaning as when used in section 121.