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Vice Chair Sanchez proposes deduction for homeowners'insurance premiums amid affordability concerns
Summary
AB 1620 would let taxpayers deduct homeowners'insurance premiums for a primary residence from state income tax to alleviate rising premiums and insurer exits; supporters included homeowners and realtor groups, while tax reform groups opposed the deduction. The bill was referred to the suspense file.
Vice Chair Sanchez presented AB 1620 to the committee, proposing an itemized deduction for homeowners'insurance premiums for a principal residence to help Californians facing rising premiums and insurer market exits.
Scott Kaufman of the Howard Jarvis Taxpayers Association testified in support,…
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