Homeowners Premium Tax Reduction Act of 2026

Gus M. Bilirakis

Republican · FL · Representative

Source: Congress.gov · FEC

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Referred to the House Committee on Ways and Means.

2026-07-30

Source: Congress.gov

Homeowners would be allowed to deduct a portion of their insurance premiums directly from their income when calculating federal taxes, similar to how some people deduct student loan interest or medical expenses. This change would reduce the taxable income for eligible homeowners, potentially lowering their overall tax bills. The proposal is currently being reviewed by the House Committee on Ways and Means.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 9978 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 9978 To amend the Internal Revenue Code of 1986 to create an above the line deduction for certain homeowners insurance premiums. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 30, 2026 Mr. Bilirakis introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to create an above the line deduction for certain homeowners insurance premiums. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Homeowners Premium Tax Reduction Act of 2026''. SEC. 2. DEDUCTION FOR HOMEOWNERS INSURANCE PREMIUMS. (a) In General.--Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 226 as section 227 and by inserting after section 225 the following new section: ``SEC. 226. 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 premiums' means annual policy premiums paid or incurred for homeowners insurance with respect to the principal residence of the individual. ``(c) Principal Residence.--For purposes of this section, the term `principal residence' has the same meaning as when used in section 121.''. (b) Deduction Allowed in Determining Adjusted Gross Income.-- Section 62(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (21) the following new paragraph: ``(22) Homeowners insurance premiums.--The deduction allowed by section 226.''. (c) Clerical Amendment.--The table of sections for part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by striking the item relating to section 226 and by inserting after the item relating to section 225 the following new items: ``Sec. 226. Homeowners insurance premiums. ``Sec. 227. Cross reference.''. (d) Effective Date.--The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. <all>

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