Bill > S35

This bill introduces a new tax deduction for homeowners insurance premiums, allowing individual taxpayers to deduct up to $10,000 annually for insurance policies covering their principal residence. The deduction would be considered an "above-the-line" deduction, meaning taxpayers can claim it when calculating their adjusted gross income (AGI), which typically provides a more beneficial tax treatment compared to itemized deductions. The bill amends the Internal Revenue Code by adding a new section (Section 224) that defines "qualified insurance premiums" as annual policy premiums paid for homeowners insurance on a person's principal residence, using the same definition of "principal residence" as found in section 121 of the tax code. The new tax provision would apply to taxable years ending after the date of the bill's enactment, giving homeowners a potential new method to reduce their tax liability by offsetting some of their insurance expenses.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/35/all-info