On Wednesday, as Florida recovers from the devastation of Hurricane Debby, and families continue to struggle with surging costs, Senator Rick Scott announced his introduction of the Homeowners Premium Tax Reduction Act. This legislation will provide American homeowners an above-the-line tax deduction of up to $10,000 of premiums paid for homeowners’ insurance annually at their primary residence.
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.”
