U.S. Representatives Gus Bilirakis (R-FL) and Darren Soto (D-FL) have introduced the Homeowners Premium Tax Reduction Act, a bipartisan bill aimed at providing financial relief for American homeowners struggling with rising insurance costs.
The legislation would allow homeowners to claim an above-the-line tax deduction of up to $10,000 annually for homeowners’ insurance premiums on their primary residence.
“Floridians are grappling with historic inflation, including soaring homeowner’s insurance costs that are putting the dream of homeownership at risk,” said Congressman Bilirakis. “I’ve heard countless stories from constituents who fear they will lose their homes due to these skyrocketing costs. While we work to restore fiscal responsibility in Washington, this bill will provide immediate relief to help families keep a roof over their heads.”
Congressman Soto echoed Bilirakis’ sentiments, emphasizing the importance of affordable homeownership. “The Homeowners Premium Tax Reduction Act is a crucial step towards making homeownership more affordable and sustainable for millions of Americans,” Soto said. “This legislation will help ease financial pressures and ensure families can protect their homes without sacrificing their financial security.”
Though property insurance costs are primarily regulated at the state level, this federal legislation seeks to offer critical relief to homeowners nationwide. The Senate companion bill was recently filed by Senator Rick Scott (R-FL), who expressed strong support for the measure.
“The dream of homeownership is becoming increasingly unattainable for families due to high interest rates, inflation, and rising insurance costs,” said Senator Scott. “This bill will provide direct relief to families across the country by allowing them to deduct up to $10,000 in homeowners insurance premiums. I urge my colleagues in Congress to support this commonsense proposal.”
The bill aims to alleviate the financial burden on homeowners, particularly in states like Florida, where insurance costs have become a significant issue.
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