119th Congress Taxation
H.R. 440: READY Accounts Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes a new Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) account, allows individuals to make tax-deductible contributions of up to $4,500 per year to such accounts (adjusted annually for inflation), and allows individuals to take tax-free distributions from such accounts to pay for qualified home disaster mitigation and recovery expenses related to a principal residence owned by the taxpayer.
Under the bill, qualified home disaster mitigation expenses include expenses certified by a qualified industry professional as meeting criteria to mitigate damage from a natural or other disaster, including
- installing a roofing underlayment to sheathing, impact-resistant windows, impact-resistant entry doors, or ground anchors;
- replacing a roof covering;
- applying a foam adhesive to reinforce the roof structure;
- strengthening the connection of the roof deck to roof framing, roof-to-wall connections, soffits, or attic ventilation openings;
- elevating a residence; or
- achieving the current building code standard.
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Qualified home disaster recovery expenses include costs for repairing damage to a residence resulting from fire, storm, or other casualty (provided such costs are not reimbursed).
Distributions from a READY account used for anything other than qualified home disaster mitigation and recovery expenses must be included in gross income and are subject to a 20% penalty. (Some exceptions apply.)
Finally, the bill imposes a 6% tax on contributions in excess of the annual limit. (Some exceptions apply.)
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Vern Buchanan R-FLOriginal
- C. Franklin R-FLOriginal
- Jared Moskowitz D-FLOriginal
- Gus Bilirakis R-FL
- April McClain Delaney D-MD
- Jefferson Van Drew R-NJ
- Jimmy Patronis R-FL
- John Rutherford R-FL
- Joe Neguse D-CO
- Thomas Kean R-NJ
Who scored on this bill
- 1Laurel Lee SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Laurel Lee
History
- Introduced in the House by Laurel Lee.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.