IL SB3848

Creates a new Illinois income tax deduction for homeowners equal to the year-over-year increase in homeowner's insurance premiums paid on the taxpayer's principal residence.

Requires the taxpayer to have maintained the same principal residence for the entire current taxable year and the immediately preceding taxable year to qualify for the deduction.

Limits the deduction to one taxpayer per property when multiple taxpayers share liability for homeowner's insurance on the same residence during a taxable year.

Amends Section 203 of the Illinois Income Tax Act (35 ILCS 5/203) and takes effect immediately upon becoming law.