S 5296
READY Accounts Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The READY Accounts Act creates a new type of savings account called a ‘READY’ account to help individuals save for unexpected home disaster expenses. Individuals can deduct contributions made to these accounts, up to a maximum of $4,500 per year, with an inflation adjustment starting in 2025. These accounts must be structured as trusts meeting specific requirements, such as investing only in designated assets and avoiding certain investment strategies. Distributions from READY accounts are tax-free if used for qualified home disaster mitigation and recovery expenses, but any remaining funds are taxed as ordinary income.
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