California AB1354 would allow a tax credit for residential property insurance premiums.

California AB1354 would allow a tax credit for residential property insurance premiums for qualified taxpayers. The credit would be available for taxable years beginning on or after January 1, 2025, and before January 1, 2030. A qualified taxpayer is defined as an individual with an adjusted gross income below certain thresholds and insured residential real property with an aggregate value under $3,300,000. The credit amount would be calculated based on the premium paid for a policy of residential property insurance minus the base year premium.

California AB1354 would allow a tax credit for residential property insurance premiums.

California AB1354 would allow a tax credit for residential property insurance premiums for qualified taxpayers. The credit would be available for taxable years beginning on or after January 1, 2025, and before January 1, 2030. A qualified taxpayer is defined as an individual with an adjusted gross income below certain thresholds and insured residential real property with an aggregate value under $3,300,000. The credit amount would be calculated based on the premium paid for a policy of residential property insurance minus the base year premium.