HR 3989
113th Congress
House
Taxation
Bank accounts, deposits, capital
Disaster relief and insurance
Emergency planning and evacuation
Housing finance and home ownership
Income tax deductions
Income tax exclusion
Natural disasters
Disaster Savings Accounts Act of 2013
Introduced: February 4, 2014
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 4, 2014
Referred to the House Committee on Ways and Means.
Feb 4, 2014
Introduced in House
Plain-English summary
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 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1