Personal Income Tax Law: deductions: homeowners' insurance premiums.

The Personal Income Tax Law, in modified conformity with federal income tax laws, generally allows various deductions in computing the income that is subject to the tax imposed by that law. This bill, for taxable years beginning on or after January 1, 2024, and before January 1, 2029, would allow a deduction in computing income for the amount paid or incurred by a taxpayer during the taxable year as premiums on a homeowners' insurance policy on the taxpayer's primary residence, as defined. Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.