- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
House Committee on Ways and MeansIntroducedOctober 16th, 2013
- house Committees
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Disaster Savings Accounts Act of 2013
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.