HR 8657
Emergency Savings Accounts Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Emergency Savings Accounts Act of 2020 allows taxpayers to deduct contributions made to designated ‘emergency savings accounts’ from their gross income, up to a maximum of $5,000 per year. These accounts must be structured as trusts meeting specific requirements, such as holding only cash and avoiding investments in life insurance. The bill defines qualified disaster and public health emergency expenses that can be covered by these accounts, including expenses related to natural disasters and unemployment. It also includes provisions for tax treatment of distributions and excess contributions to these accounts.
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Primary sponsor
Cosponsors
Louie Gohmert
Randy K., Sr. Weber
Steve King
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