AB 1620: Personal Income Tax Law: deductions: homeowners’ insurance premiums.

This bill allows a deduction in computing income for the amount paid or incurred as premiums on a homeowners' insurance policy on a taxpayer's primary residence for taxable years beginning on or after January 1, 2026, and before January 1, 2031. The deduction would be available to taxpayers who pay premiums for the policy during the taxable year. The bill also includes additional information requirements for any bill authorizing a new tax expenditure, and it takes effect immediately as a tax levy.