California AB1620 allows a tax deduction for homeowners' insurance premiums for qualified taxpayers.

California AB1620 adds a tax deduction for homeowners' insurance premiums for qualified taxpayers. This deduction applies to taxable years beginning on or after January 1, 2026, and before January 1, 2031. A qualified taxpayer is an individual or a married couple filing jointly with an adjusted gross income not exceeding $250,000. The deduction aims to assist homeowners in affording the rising cost of insurance. The Franchise Tax Board must report annually on the number of taxpayers receiving this deduction. The deduction expires on December 1, 2031.

California AB1620 allows a tax deduction for homeowners' insurance premiums for qualified taxpayers.

California AB1620 adds a tax deduction for homeowners' insurance premiums for qualified taxpayers. This deduction applies to taxable years beginning on or after January 1, 2026, and before January 1, 2031. A qualified taxpayer is an individual or a married couple filing jointly with an adjusted gross income not exceeding $250,000. The deduction aims to assist homeowners in affording the rising cost of insurance. The Franchise Tax Board must report annually on the number of taxpayers receiving this deduction. The deduction expires on December 1, 2031.