READY Accounts Act
The source supplies the latest action, but no lifecycle stage.
Latest action (12 Nov 2024): Read twice and referred to the Committee on Finance.
What this bill does
The READY Accounts Act, introduced in the Senate, proposes the creation of Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. These accounts would allow individuals to make tax-deductible contributions, up to a limit of $4,500 annually, for qualified home disaster mitigation and recovery expenses. These expenses include measures to strengthen homes against disasters, such as reinforcing roofs or installing impact-resistant windows, as well as costs for repairing uninsured or uncompensated damage from fire, storm, or other casualties.
The bill would affect individuals by providing a new tax-advantaged savings option for home protection and repair. The funds in these accounts would grow tax-deferred, and withdrawals used exclusively for qualified disaster mitigation and recovery expenses would not be taxed. However, funds not used for these purposes would be subject to income tax and a 20% additional tax. The bill is currently in its introduced stage and was referred to the Committee on Finance. It did not receive a vote in the previous session of Congress and will require further legislative action to advance.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
12 Nov 2024
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 5296 do?
- The READY Accounts Act, introduced in the Senate, proposes the creation of Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. These accounts would allow individuals to make tax-deductible contributions, up to a limit of $4,500 annually, for qualified home disaster mitigation and recovery expenses. These expenses include measures to strengthen homes against disasters, such as reinforcing roofs or installing impact-resistant windows, as well as costs for repairing uninsured or uncompensated damage from fire, storm, or other casualties. The bill would affect individuals by providing a new tax-advantaged savings option for home protection and repair. The funds in these accounts would grow tax-deferred, and withdrawals used exclusively for qualified disaster mitigation and recovery expenses would not be taxed. However, funds not used for these purposes would be subject to income tax and a 20% additional tax. The bill is currently in its introduced stage and was referred to the Committee on Finance. It did not receive a vote in the previous session of Congress and will require further legislative action to advance.
- Has S. 5296 become law?
- The source does not supply a confirmed lifecycle stage for S. 5296. Check the latest action and official source below.
- Who sponsored S. 5296?
- S. 5296 was sponsored by Sen. Scott, Rick [R-FL] (R-FL), with 0 cosponsors.
- What's the latest action on S. 5296?
- Read twice and referred to the Committee on Finance. (12 Nov 2024).
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