To amend the Internal Revenue Code of 1986 to allow individuals a deduction for amounts contributed to disaster savings accounts to help defray the cost of preparing their homes to withstand a disaster.
Disaster Savings Accounts Act of 2013 - Amends the Internal Revenue Code to: (1) establish tax-exempt disaster savings accounts to pay the expenses of homeowners for equipment and materials for mitigating the effects of a natural disaster, (2) allow a deduction from gross income (above-the-line deduction) up to $5,000 (adjusted annually for inflation) in a taxable year for cash contributions to such accounts, and (3) set forth tax rules for account distributions and failure to report on disaster savings accounts.
Read twice and referred to the Committee on Finance.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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