Bill > A10678

This bill establishes catastrophe savings accounts, which are tax-free accounts that allow homeowners to save money to cover qualified catastrophe expenses related to their primary residence, such as insurance deductibles for damage from hurricanes, flooding, or other catastrophic windstorm events. The bill sets limits on the amount that can be contributed to these accounts, and specifies that distributions from the accounts will be tax-exempt if used for qualified catastrophe expenses. The bill also includes provisions to prevent the accounts from being subject to attachment, levy, or legal process, and sets rules for the treatment of the accounts upon the death of the account owner.