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Senator Rick Scott Proposes Homeowners Premium Tax Reduction Act to Cut Insurance Costs and Provide Tax Relief
Gulf Coast Public Adjusters would like to inform our clients and all homeowners insurance policyholders of potential good news. Senator Rick Scott of Florida is proposing new national legislation to help alleviate homeowners and future homeowners with the prohibitive cost of insurance. The proposed bill, called the Homeowners Premium Tax Reduction Act, will provide homeowners an above-the-line tax deduction of up to $10,000.00 of homeowners’ insurance premiums paid annually on their primary residence. The bill is set forth in the Senate of the United States, 118th Congress, 2D Session. The language is straight forward and simple. Hopefully, the Senate will vote “Yeah” in the law will go into effect in 2025.
Sen. Scott Pushes Tax Break to Cut Homeowners' Insurance Costs
Senator Rick Scott said, “The dream of homeownership is becoming out-of-reach for families under the
Biden-Harris administration with high interest rates, 20% inflation on their everyday items, and soaring
property insurance costs. I hear heartbreaking stories from families all throughout my state that they
are struggling to pay their bills and they can’t wait much longer for relief from the skyrocketing
costs. I watched my mom struggle to make ends meet when I was growing up in public housing—working hard
to put food on the table and a roof over our heads. While the business of property insurance is handled
by the states, there is one thing the federal government can do to help lower costs for families. My new
legislation, the Homeowners Premium Tax Reduction Act, will provide direct relief for families in
Florida and across the nation with a deduction of up to $10,000 in homeowners insurance premiums paid on
their primary residence. I urge my colleagues to give full support to this commonsense proposal that
will allow families to keep more of their hard-earned dollars and a roof over their heads while we fight
to bring fiscal sanity back to Washington.”
