<p><strong>READY Accounts Act</strong></p><p>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.</p><p>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</p><ul><li>installing a roofing underlayment to sheathing, impact-resistant windows, impact-resistant entry doors, or ground anchors;</li><li>replacing a roof covering;</li><li>applying a foam adhesive to reinforce the roof structure;</li><li>strengthening the connection of the&nbsp;roof deck to roof framing, roof-to-wall connections, soffits, or attic ventilation openings;</li><li>elevating a residence; or</li><li>achieving the current building code standard.</li></ul><p>Qualified home disaster recovery expenses include costs for&nbsp;repairing damage to a residence resulting from fire, storm, or other casualty (provided such costs are not reimbursed).</p><p>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.)</p><p>Finally, the bill imposes a 6% tax on contributions in excess of the annual limit. (Some exceptions apply.)&nbsp;</p>