summary
Introduced
01/27/2026
01/27/2026
In Committee
01/27/2026
01/27/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
The bill adds individuals and homeowners' associations as eligible recipients of assistance from the natural disaster mitigation enterprise fund. The bill also provides that natural disaster mitigation includes installation of "impact-resistant roofing materials" and other "property-specific mitigation action" and provides definitions of the same. Additionally, the bill creates an income tax deduction for contributions to a catastrophe savings account (CSA), which is a savings account that a homeowner may use to cover the amount of insurance deductibles for claims stemming from hail, wildfire, or a catastrophic wind event, uninsured losses related to the same, and property-specific mitigation actions. The bill also exempts interest earned by CSAs from income tax.
AI Summary
This bill expands eligibility for natural disaster mitigation assistance to include individual homeowners and homeowners' associations, in addition to government entities. It also clarifies that "natural disaster mitigation" includes installing "impact-resistant roofing materials," which are certified by Underwriters Laboratories as Class Four for hail resistance, and undertaking "property-specific mitigation actions," which are science-based actions like those recognized by the "Wildfire Prepared Home" designation. Furthermore, the bill creates a new income tax deduction for contributions made to a "catastrophe savings account" (CSA), a savings account designed to help homeowners cover insurance deductibles or uninsured losses related to hail, wildfire, or catastrophic wind events, as well as costs for property-specific mitigation. Interest earned on these CSAs will also be exempt from income tax, and these accounts are protected from legal seizure. This initiative aims to encourage homeowners to invest in measures that reduce their risk from natural disasters.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced In Senate - Assigned to Finance (on 01/27/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://leg.colorado.gov/bills/SB26-049 |
| BillText | https://leg.colorado.gov/bill_files/110985/download |
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