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The EQUIP Act of 2024 amends the Stafford Disaster Relief and Emergency Assistance Act to require the President to establish an annual 'disaster deductible' for each state that would offset federal disaster assistance. The deductible is calculated using a base amount derived from state population multiplied by a factor of three, adjusted upward based on the amount of federal disaster aid the state received in the prior three years. The bill specifies that the deductible applies to permanent work assistance (categories C through G) and clarifies that state and local non-federal cost-sharing funds cannot be counted toward meeting the deductible.
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