Read twice and referred to the Committee on Finance.
Creates a new tax-advantaged account called a Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) account. Individuals may deduct up to $4,500 (inflation-adjusted) of cash contributions annually and take tax-free distributions for certified home disaster mitigation or uninsured disaster recovery expenses for their principal residence.
Liberal emphasizes equity and renter exclusion concerns
Relative to its intended legislative type, this bill is a well-specified statutory framework for establishing a new tax-advantaged account targeted at home disaster mitigation and recovery.
Creates a new tax-advantaged account called a Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) account.
Individuals may deduct up to $4,500 (inflation-adjusted) of cash contributions annually and take tax-free distributions for certified home disaster mitigation or uninsured disaster recovery expenses for their principal residence.
The bill sets trustee, investment, certification, rollover, reporting, and penalty rules, adds related excise and prohibited-transaction rules, and applies to taxable years after enactment.
Moderate chance: administrable and narrowly targeted, with cross-cutting appeal; revenue impact and need for broader agreement reduce probability.
Relative to its intended legislative type, this bill is a well-specified statutory framework for establishing a new tax-advantaged account targeted at home disaster mitigation and recovery. The statute includes detailed tax mechanics, definitions, penalties, and broad regulatory authority for the Secretary and integrates thoroughly with existing Code provisions.
Liberal emphasizes equity and renter exclusion concerns
These are examples from the analysis, not a ranked list of the most-affected groups.
Liberal emphasizes equity and renter exclusion concerns
Generally supportive of measures that increase household resilience and reduce disaster harm, but concerned about distributional fairness.
Sees READY accounts as useful for mitigation and recovery but worries renters and low-income homeowners benefit less.
Wants safeguards to ensure benefits reach vulnerable communities and that certification and administrative rules do not create barriers.
Sees the bill as a pragmatic incentive to boost household resilience and reduce fiscal disaster exposure, but flags cost, complexity, and potential for abuse.
Wants clearer definitions, budget scoring, and administrative guardrails to limit fraud and ensure efficient implementation.
Mixed to skeptical: welcomes incentives for private investment in home resilience but objects to expanding targeted tax expenditures and regulatory complexity.
Prefers market-driven or state-level solutions and worries about federal overreach, audit exposure, and benefits flowing disproportionately to higher-income homeowners.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Moderate chance: administrable and narrowly targeted, with cross-cutting appeal; revenue impact and need for broader agreement reduce probability.
The bill has not accumulated any surfaced votes yet.
Liberal emphasizes equity and renter exclusion concerns
Moderate chance: administrable and narrowly targeted, with cross-cutting appeal; revenue impact and need for broader agreement reduce proba…
Relative to its intended legislative type, this bill is a well-specified statutory framework for establishing a new tax-advantaged account targeted at home disaster mitigation and recovery. The statute includes detailed…
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