Tax Proposals By The House And Senate Expected To Assist Homeowners With Property Insurance Costs

Recent tax proposals made by the House and the Senate will help homeowners in terms of their property insurance costs.

Both tax proposals by the House and the Senate focus on issues to help consumers and homeowners. (Photo: CNBC TV18)

Tax Proposals By The House and Senate

Both the Senate and House have released tax proposals that could assist homeowners with property insurance costs. The Senate’s tax proposals focus on holding sales-tax holidays and providing insurance-related breaks, while the House’s tax proposals cut for consumers.

According to the published article by SmartNews, the Senate’s tax proposal is projected to reduce state and local government revenue by $630.6 million, with a focus on insurance tax changes that could save policyholders about 3.5% on their homeowners’ premiums.

The House revised its tax proposals to include an insurance premium tax break for homeowners with property valued at $750,000 or less but has not matched a Senate proposal for a tax exemption on flood insurance policies.

Both tax proposals also include back-to-school and summer tax holidays for consumers.

Tax Relief Package In Florida

In a published article by the Florida Phoenix, the GOP-controlled Senate Finance and Tax committee in Florida unveiled a $900 million tax relief package aimed at addressing the property insurance crisis.

The proposal offers a one-year tax exemption for residential property insurance policyholders and a tax break for flood insurance policies.

Democrats have criticized the plan for not doing enough to help Floridians struggling with rising insurance premiums.

READ ALSO: IRS Update: Intensified Focus To High Earners Who Seem To Have Forgotten Their Tax Obligations