S. 1940In Committee
READY Accounts Act
Establishes tax-advantaged READY accounts for principal-residence disaster mitigation and recovery expenses, with deductible contributions and tax-free qualified withdrawals
Plain-English overview
What this bill does
Establishes tax-advantaged READY accounts for principal-residence disaster mitigation and recovery expenses, with deductible contributions and tax-free qualified withdrawals
Key points
- Establish READY accounts
- Allow deductible contributions
- Allow tax free qualified withdrawals
- Impose excess contribution tax
Current status
Where it stands
Status
In Committee
Latest action
2025-06-04 — Read twice and referred to the Committee on Finance.
Related context
Topics and policy areas
undefinedTaxation