Emergency Savings Accounts Act of 2021
- Last Action
- 3/1/2021
Actions
- 2021-03-01Referred to the House Committee on Ways and Means.
- 2021-03-01Introduced in House
- 2021-03-01Introduced in House
CRS Summary
As of 2021-03-01 (00)
Emergency Savings Accounts Act of 2021
This bill allows an individual taxpayer occupying a residence a deduction from gross income for up to $5,000 of amounts paid into such taxpayer's emergency savings account. The bill defines emergency savings account as an account established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary.
The bill defines qualified disaster and public health emergency expenses as disaster mitigation expenses, disaster recovery expenses, public health emergency expenses, and unemployment-related expenses.
Cosponsors (3)
- Ashley Hinson (R-IA)
- Doug LaMalfa (R-CA)
- Burgess Owens (R-UT)
Subjects
- Bank accounts, deposits, capital
- Child care and development
- Disaster relief and insurance
- Emergency medical services and trauma care
- Health care costs and insurance
- Housing finance and home ownership
- Income tax deductions
- Income tax exclusion
- Infectious and parasitic diseases
- Inflation and prices
- Landlord and tenant
- Property tax
- Public utilities and utility rates
- Unemployment
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.