US SB1991 | 2013-2014 | 113th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on February 4 2014 - 25% progression, died in committee
Action: 2014-02-04 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Disaster Savings Accounts Act of 2014 - Amends the Internal Revenue Code to: (1) establish tax-exempt disaster savings accounts to pay the expenses of homeowners for disaster mitigation and recovery expenses, (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, (3) exclude from gross income distributions from such accounts to pay disaster mitigation and recovery expenses; and (4) set forth tax rules and penalties for excess contributions to disaster savings accounts and for failure to file required reports on such accounts.

Tracking Information

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Title

Disaster Savings Accounts Act of 2014

Sponsors


History

DateChamberAction
2014-02-04SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB3298 (Related) 2013-10-16 - Referred to the House Committee on Ways and Means.
HB3989 (Related) 2014-02-04 - Referred to the House Committee on Ways and Means.

Subjects


US Congress State Sources


Bill Comments

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