US Congress Senate Bill 1991 (Prior Session Legislation)

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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]

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.

Disaster Savings Accounts Act of 2014

Sen. James Inhofe [R-OK]

Sen. Mark Begich [D-AK]

Date	Chamber	Action
2014-02-04	Senate	Read twice and referred to the Committee on Finance.

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.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/1991/all-info
Text	https://www.congress.gov/113/bills/s1991/BILLS-113s1991is.pdf