Homeowners Premium Tax Reduction Act of 2025 This bill establishes a new deduction of up to $10,000 claimed against gross income (above-the-line tax deduction) for annual policy premiums paid or incurred for homeowners insurance on an individual's principal residence.
Federal Disaster Tax Relief Act of 2025
Income tax; exempting wagering losses from itemized deduction limit for certain tax years. Effective date.
Income tax; exempting wagering losses from itemized deduction limit for certain tax years. Effective date.
No Subsidies for Wealthy Universities ActThis bill limits the indirect costs that are allowable under federal research awards to institutions of higher education (IHEs) with endowments above specified thresholds. (Generally, indirect costs represent expenses that are not specific to a research project but are needed to maintain the infrastructure and administrative support for federally funded research.)Specifically, the National Center for Education Statistics (NCES) must annually collect information regarding the endowments of each IHE that has entered into a program participation agreement with the Department of Education.With this collected information, NCES must identify and make lists of (1) each IHE with an endowment of more than $5 billion, and (2) each IHE with an endowment of more than $2 billion (but not more than $5 billion). NCES must submit these lists to the Office of Management and Budget, which must then distribute the lists to federal agencies, Congress, and the public.The bill establishes the following limits on the indirect costs allowable under federal research awards:for an IHE with an endowment of more than $5 billion, the IHE is prohibited from using these awards for indirect costs;for an IHE with an endowment of more than $2 billion (but not more than $5 billion), the IHE is limited to an indirect cost rate of 8%; andfor all other IHEs, an indirect cost rate of 15%.The Government Accountability Office must annually report to Congress on indirect cost reimbursement on federal research awards for IHEs.
Working Class Bonus Tax Relief Act of 2025This bill allows a tax deduction for bonuses received by an individual, subject to income limitations, through 2029. The amount of the deduction may not exceed 15% of the individual’s regular wages from the same employer. Further, the deduction is not allowed for individuals with annual adjusted gross income exceeding $100,000 (or $150,000 for heads of the household and $200,000 for married couples filing a joint return).
This bill increases the above-the-line tax deduction for unreimbursed expenses incurred by an eligible educator for classroom supplies and certain professional development courses. (Above-the-line deductions are subtracted from gross income to calculate adjusted gross income.)Under current law, an eligible educator may deduct up to $300 in 2025 (adjusted annually for inflation) for unreimbursed expenses for classroom supplies and certain professional development courses. An eligible educator is defined as a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide who works at least 900 hours during a school year in a school that provides elementary or secondary education. Under the bill, an eligible educator may deduct up to $1,000 in 2025 for unreimbursed expenses for classroom supplies and certain professional development. For tax years after 2025, the $1,000 limit on the tax deduction is adjusted annually for inflation.
Tax Relief for Victims of Crimes, Scams, and Disasters Act
This bill provides a tax deduction for health insurance premiums paid to provide medical insurance coverage for an individual, the individual’s spouse, and the individual’s dependents. Under the bill, the tax deduction may be claimed as an adjustment to income (also known as an above-the-line tax deduction), which does not require the individual to itemize deductions.
Tax Relief for Victims of Crimes, Scams, and Disasters Act