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Scott, Rick [R-FL]","FL","R","S001217","2025-12-09T23:44:34Z",[],"Senate",119,false,"READY Accounts Act","2026-05-11T17:14:09.375Z",[],1,0,2,"s",[],[],"https:\u002F\u002Fwww.congress.gov\u002Fbill\u002F119th-congress\u002Fsenate-bill\u002F1940","Taxation",{"date":6,"text":31},"Read twice and referred to the Committee on Finance.",1940,"in_committee","A bill to amend the Internal Revenue Code of 1986 to provide for Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts.","2026-05-22T18:46:17.549Z","taxation",[38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,36,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140],"ready","re","rea","read","accounts","ac","acc","acco","accou","accoun","account","act","bill","bi","bil","to","amend","am","ame","amen","the","internal","in","int","inte","inter","intern","interna","revenue","rev","reve","reven","revenu","code","co","cod","of","1986","19","198","provide","pr","pro","prov","provi","provid","for","residential","res","resi","resid","reside","residen","resident","residenti","residentia","emergency","em","eme","emer","emerg","emerge","emergen","emergenc","asset","as","ass","asse","accumulation","accu","accum","accumu","accumul","accumula","accumulat","accumulati","accumulatio","deferred","de","def","defe","defer","deferr","deferre","ta","tax","taxa","taxat","taxati","taxatio","yield","yi","yie","yiel","sen","scott","sc","sco","scot","rick","ri","ric","fl",[],true,[144],{"versionCode":145,"actionDate":6,"actionDesc":146,"text":147,"updateDate":148},"00","Introduced in Senate","\u003Cp>\u003Cstrong>READY Accounts Act\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>This bill establishes a new Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) account, allows individuals to make tax-deductible contributions of up to $4,500 per year to such accounts (adjusted annually for inflation beginning in 2027), and allows individuals to take tax-free distributions from such accounts to pay for qualified home disaster mitigation and recovery expenses related to a principal residence owned by the taxpayer.\u003C\u002Fp>\u003Cp>Under the bill, qualified home disaster mitigation expenses include expenses certified by a qualified industry professional as meeting criteria to mitigate damage from a natural or other disaster, including\u003C\u002Fp>\u003Cul>\u003Cli>installing a roofing underlayment to sheathing, impact-resistant windows, impact-resistant entry doors, or ground anchors;\u003C\u002Fli>\u003Cli>replacing a roof covering;\u003C\u002Fli>\u003Cli>applying a foam adhesive to reinforce the roof structure;\u003C\u002Fli>\u003Cli>strengthening the connection of the roof deck to roof framing, roof-to-wall connections, soffits, or attic ventilation openings;\u003C\u002Fli>\u003Cli>elevating a residence; or\u003C\u002Fli>\u003Cli>achieving the current building code standard.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>Qualified home disaster recovery expenses include costs for repairing damage to a residence resulting from fire, storm, or other casualty (provided such costs are not reimbursed).\u003C\u002Fp>\u003Cp>Distributions from a READY account used for anything other than qualified home disaster mitigation and recovery expenses must be included in gross income and are subject to a 20% penalty. 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