US SB35

Creates a new above-the-line tax deduction for homeowners insurance premiums on a taxpayer's principal residence, capped at $10,000 per year

Allows the deduction to be claimed regardless of whether the taxpayer itemizes deductions, reducing adjusted gross income directly

Defines "qualified insurance premiums" as annual policy premiums paid for homeowners insurance on the individual's principal residence as defined under IRC Section 121

Amends the Internal Revenue Code of 1986 by adding new Section 224 to establish the deduction

Applies to taxable years ending after the date of enactment