Homeowners Premium Tax Reduction Act of 2026
Sponsored By: Representative Bilirakis, Gus M. [R-FL-12]
Introduced
Summary
Creates an above-the-line deduction for homeowners insurance premiums paid on a taxpayer's primary home, capped at $10,000 per year to lower adjusted gross income for affected filers.
Show full summary
- Homeowners: Allows a deduction of up to $10,000 in annual homeowners insurance premiums for a taxpayer's principal residence, directly reducing adjusted gross income.
- Taxpayers filing returns: The deduction is above-the-line, so it is taken in calculating adjusted gross income rather than as an itemized deduction.
- Scope and definitions: The deduction covers annual premiums for homeowners insurance on the principal residence and uses the Internal Revenue Code Section 121 definition of principal residence.
- Implementation: The bill would add a new Section 226 to the tax code, adjust Section 62(a) to include the new deduction, and apply to taxable years ending after enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Tax deduction for homeowners' insurance
If enacted, you would be able to deduct up to $10,000 of homeowners insurance premiums you paid or incurred for your main home when computing adjusted gross income. The deduction would be above-the-line (it would lower your AGI) and would apply to annual policy premiums for your principal residence. "Principal residence" would have the same meaning used by the tax code (section 121). The rule would apply to taxable years ending after the date of enactment.
Sponsors & CoSponsors
Sponsor
Bilirakis, Gus M. [R-FL-12]
FL • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov