Homeowners Premium Tax Reduction Act of 2026
Latest action (30 Jul 2026): Introduced
What this bill does
H.R. 9978, the Homeowners Premium Tax Reduction Act of 2026, would amend the Internal Revenue Code to create a new federal income tax deduction for homeowners insurance premiums. Individuals could deduct up to $10,000 per year in premiums paid for insurance on their principal residence. This would be an "above the line" deduction, meaning it could be claimed in calculating adjusted gross income and would not require itemizing other deductions.
The bill would primarily affect individual homeowners who pay homeowners insurance premiums on the home they use as their main residence, as defined under existing tax law (section 121). It would not apply to insurance on second homes, rental properties, or other non-principal residences. The change would reduce federal taxable income for eligible homeowners, though the bill does not specify its overall revenue impact.
If enacted, the deduction would apply to tax years ending after the law's enactment date. The bill was introduced on July 30, 2026, by Rep. Gus Bilirakis and referred to the House Committee on Ways and Means. As of the latest action, it has not been voted on by the committee or the full House, and would need to pass both chambers of Congress and be signed by the President before taking effect.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Homeowners Premium Tax Reduction Act of 2026
This bill establishes a new deduction of up to $10,000 claimed against gross income (above-the-line tax deduction) for annual policy premiums paid or incurred for homeowners insurance on an individual's principal residence.
Common questions
- What does H.R. 9978 do?
- H.R. 9978, the Homeowners Premium Tax Reduction Act of 2026, would amend the Internal Revenue Code to create a new federal income tax deduction for homeowners insurance premiums. Individuals could deduct up to $10,000 per year in premiums paid for insurance on their principal residence. This would be an "above the line" deduction, meaning it could be claimed in calculating adjusted gross income and would not require itemizing other deductions. The bill would primarily affect individual homeowners who pay homeowners insurance premiums on the home they use as their main residence, as defined under existing tax law (section 121). It would not apply to insurance on second homes, rental properties, or other non-principal residences. The change would reduce federal taxable income for eligible homeowners, though the bill does not specify its overall revenue impact. If enacted, the deduction would apply to tax years ending after the law's enactment date. The bill was introduced on July 30, 2026, by Rep. Gus Bilirakis and referred to the House Committee on Ways and Means. As of the latest action, it has not been voted on by the committee or the full House, and would need to pass both chambers of Congress and be signed by the President before taking effect.
- Has H.R. 9978 become law?
- Not yet. As of 30 Jul 2026, H.R. 9978 is introduced.
- Who sponsored H.R. 9978?
- H.R. 9978 was sponsored by Rep. Gus Bilirakis [R-FL12] (Republican-FL), with 0 cosponsors.
- What's the latest action on H.R. 9978?
- Introduced (30 Jul 2026).
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