As the 2025 hurricane season officially kicks off, Senator Rick Scott (R-FL) today announced the reintroduction of his Homeowners Premium Tax Reduction Act, a bill designed to offer financial relief to American homeowners.
The legislation proposes an above-the-line tax deduction of up to $10,000 annually for premiums paid on homeowners’ insurance for their primary residence.
The timing of the bill’s reintroduction is no coincidence.
Last week, Senator Scott embarked on a Hurricane Preparedness Tour across Florida, visiting cities like Naples, Miami, Clearwater, Sanford, and Pensacola to emphasize the critical need for severe weather preparation.
“For many families, owning a home is part of the American dream and a sign of stability,” Senator Scott stated. “I talk to Florida families constantly who tell me how much they love living that dream… but that the cost of their homeowners insurance, while essential, can take a serious toll on their family’s budget.”
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Drawing on his own family’s past struggles, Scott highlighted the heartbreaking reality of rising insurance rates making homeownership increasingly unaffordable. While acknowledging that property insurance is primarily regulated at the state level, he asserted that the federal government has a unique opportunity to ease this burden directly.
“I grew up in a family that struggled to make ends meet with my mom working hard to keep a roof over our heads, and it is heartbreaking to hear that these rates are making the dream of homeownership unaffordable,” said Scott. “My Homeowners Premium Tax Reduction Act is a great opportunity to directly ease this burden and give families more breathing room in their budgets.”
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The proposed legislation amends the Internal Revenue Code of 1986 to allow for this new deduction, which would apply to “qualified insurance premiums” paid for homeowners insurance on an individual’s “principal residence.”
The deduction would be allowed in determining adjusted gross income, making it accessible to a broader range of taxpayers. If enacted, the amendments would apply to taxable years ending after the date of the Act’s passage.
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