S. 35: Homeowners Premium Tax Reduction Act of 2025
S. 35 status: Referred.
What this bill does
Overall score
Bill summary
OfficialHomeowners Premium Tax Reduction Act of 2025 This bill establishes a new deduction of up to $10,000 claimed against gross income (above-the-line tax deduction) for annual policy premiums paid or incurred for homeowners insurance on an individual's principal residence.
Key analysis
Impact analysis
Environment
Benefits
- No direct impact on environmental policy.
Risks
- No direct impact on environmental policy.
Economy
Benefits
- Reduces tax burden for homeowners facing rising insurance costs
- Increases disposable income for residential property owners
Risks
- Reduces federal tax revenue
- Potential for marginal inflationary pressure
Society
Benefits
- Provides relief for homeowners struggling with housing affordability
- Encourages homeownership as a stable financial goal
Risks
- Excludes renters who also face rising housing costs
- Benefit disproportionately favors higher-value property owners
How trustworthy & consequential it is
Confidence
highhigh
Information is complete and verified.
Analysis status
Full bill text (Congress.gov)
Source used for this bill's analysis.
Revenue loss from tax deduction may require offset measures
Economic impact depends on the total volume of claims
Where it stands
Introduced
CompleteCommittee
CurrentReferred
Floor
UpcomingEnacted
UpcomingHow it affects your district
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