HR. 440In Committee
READY Accounts Act
Establishes tax-advantaged READY accounts for principal-residence disaster mitigation and recovery expenses, with limits and penalties for nonqualified use
Plain-English overview
What this bill does
Establishes tax-advantaged READY accounts for principal-residence disaster mitigation and recovery expenses, with limits and penalties for nonqualified use
Key points
- Establish READY accounts
- Allow tax deductible contributions
- Allow tax free distributions
- Impose excess contribution tax
Current status
Where it stands
Status
In Committee
Latest action
2025-01-15 — Referred to the House Committee on Ways and Means.
Related context
Topics and policy areas
undefinedTaxation