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    Bill

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    Bill

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    6K views3 pages

    Bill

    Uploaded by

    sroeslerwrites
    Bill

    Copyright:

    © All Rights Reserved
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    Download as pdf or txt
    of 3

    OTT24197 RTY S.L.C.

    S. ll
    118TH CONGRESS
    2D 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


    llllllllll
    Mr. SCOTT of Florida introduced the following bill; which was read twice and
    referred to the Committee on llllllllll

    A BILL
    To amend the Internal Revenue Code of 1986 to create
    an above the line deduction for certain homeowners in-
    surance premiums.

    1 Be it enacted by the Senate and House of Representa-


    2 tives of the United States of America in Congress assembled,
    3 SECTION 1. SHORT TITLE.

    4 This Act may be cited as the ‘‘Homeowners Premium


    5 Tax Reduction Act of 2024’’.
    6 SEC. 2. DEDUCTION FOR HOMEOWNERS INSURANCE PRE-

    7 MIUMS.

    8 (a) IN GENERAL.—Part VII of subchapter B of chap-


    9 ter 1 of the Internal Revenue Code of 1986 is amended
    OTT24197 RTY S.L.C.

    2
    1 by redesignating section 224 as section 225 and by insert-
    2 ing after section 223 the following new section:
    3 ‘‘SEC. 224. HOMEOWNERS INSURANCE PREMIUMS.

    4 ‘‘(a) ALLOWANCE OF DEDUCTION.—In the case of an


    5 individual, there shall be allowed as a deduction an
    6 amount equal to so much of the qualified insurance pre-
    7 miums paid or incurred during the taxable year as does
    8 not exceed $10,000.
    9 ‘‘(b) QUALIFIED INSURANCE PREMIUMS.—For pur-
    10 poses of this section, with respect to an individual, the
    11 term ‘qualified insurance premiums’ means annual policy
    12 premiums paid or incurred for homeowners insurance with
    13 respect to the principal residence of the individual.
    14 ‘‘(c) PRINCIPAL RESIDENCE.—For purposes of this
    15 section, the term ‘principal residence’ has the same mean-
    16 ing as when used in section 121.’’.
    17 (b) DEDUCTION ALLOWED IN DETERMINING AD-
    18 JUSTED GROSS INCOME.—Section 62(a) of the Internal
    19 Revenue Code of 1986 is amended by inserting after para-
    20 graph (21) the following new paragraph:
    21 ‘‘(22) HOMEOWNERS INSURANCE PREMIUMS.—

    22 The deduction allowed by section 224.’’.


    23 (c) CLERICAL AMENDMENT.—The table of sections
    24 for part VII of subchapter B of chapter 1 of the Internal
    25 Revenue Code of 1986 is amended by striking the item
    OTT24197 RTY S.L.C.

    3
    1 relating to section 224 and by inserting after the item re-
    2 lating to section 223 the following new items:
    ‘‘Sec. 224. Homeowners insurance premiums.
    ‘‘Sec. 225. Cross reference.’’.

    3 (d) EFFECTIVE DATE.—The amendments made by


    4 this section shall apply to taxable years ending after the
    5 date of the enactment of this Act.

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