Lets homeowners save tax-free money for disaster repairs and prevention.
This bill would create a new type of savings account called a READY account. It would let individuals save money for home repairs and improvements related to natural disasters, allowing them to deduct up to $4,500 each year from their taxes. Money taken out for qualified disaster costs would also be tax-free.
Today, there is no specific tax-advantaged savings account for home disaster mitigation and recovery expenses, and contributions to such savings are not tax-deductible. If this bill becomes law, individuals could open READY accounts, deduct up to $4,500 annually for contributions, and withdraw money tax-free for qualified home disaster prevention or repair costs. These changes would apply to taxable years beginning after December 31, 2024.
HR 440 · 119th Congress · January 15, 2025 · AI Summary by gemini-2.5-flash · 9/10
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Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.