Bill 119 s 35, also known as the Homeowners Insurance Premium Deduction Act, is a proposed piece of legislation that aims to amend the Internal Revenue Code of 1986. The main objective of this bill is to create a new above-the-line deduction for certain homeowners insurance premiums.
The bill specifies that eligible homeowners would be able to deduct a portion of their homeowners insurance premiums from their taxable income. This deduction would be available to individuals who itemize their deductions as well as those who take the standard deduction.
The deduction would apply to premiums paid for homeowners insurance policies that cover the primary residence of the taxpayer. It would not apply to premiums paid for insurance on rental properties or vacation homes.
Supporters of the bill argue that providing a deduction for homeowners insurance premiums would help alleviate the financial burden of protecting one's home and belongings. They believe that this deduction would incentivize more homeowners to purchase insurance and ensure that they are adequately protected in the event of a disaster.
Opponents of the bill raise concerns about the potential cost to the federal government of implementing this deduction. They argue that the deduction could disproportionately benefit wealthier homeowners who pay higher premiums, while providing little benefit to lower-income homeowners who may struggle to afford insurance in the first place.
Overall, Bill 119 s 35 seeks to provide financial relief to homeowners by allowing them to deduct a portion of their insurance premiums from their taxable income. The bill is currently under consideration in Congress and its fate will ultimately be decided by lawmakers.