119th Congress Taxation
S. 1940: READY Accounts Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (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 beginning in 2027), 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.
Read the full summary
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
- Adam Schiff D-CA
Who scored on this bill
- 1Rick Scott SponsorIntroduced, drew cross-party cosponsors2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Rick Scott
- S. 3788: CLEAR LABELS Act
- S. 1383: SAVE America Act
- S. 2314: SHARKED Act of 2025
- S.J.Res. 102: Disapproving the action of the District of Columbia Council in approving the D.C. Income and Franchise Tax Conformity and Revision Temporary Amendment Act of 2025
- S. 673: Miccosukee Reserved Area Amendments Act
- S. 310: Disaster Contract Improvement Act
History
- Introduced in the Senate by Rick Scott.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.