Homeowners Premium Tax Reduction Act of 2024

Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section:

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.

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.

For purposes of this section, the term principal residence has the same meaning as when used in section 121.

Section 62(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (21) the following new paragraph:

The deduction allowed by section 224.

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 224 and by inserting after the item relating to section 223 the following new items:

The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.