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118-s-5296Committee
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READY Accounts Act

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Summary

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The READY Accounts Act creates a new tax-advantaged savings account for homeowners to accumulate funds for disaster mitigation and recovery expenses on their primary residences. Individuals may deduct up to $4,500 annually (adjusted for inflation) in contributions to these accounts, and distributions used for qualified mitigation measures (such as roof reinforcement, impact-resistant windows, and home elevation) or uninsured disaster recovery costs are tax-free. Distributions not used for these purposes are subject to income tax plus a 20 percent penalty.

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Bill details

Congress
118
Bill type
s
Introduced
November 12, 2024
Sponsor
Not yet available
Last action
November 12, 2024— Read twice and referred to the Committee on Finance.

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