HR 1449
Emergency Savings Accounts Act of 2021
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Bill overview
The Emergency Savings Accounts Act of 2021 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 established for specific disaster and public health emergency expenses, such as those related to tornadoes, floods, or unemployment. The bill defines eligible individuals as those who occupy a residence in the United States and outlines rules for account administration, distributions, and potential tax implications.
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Primary sponsor
Cosponsors
Doug LaMalfa
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