Search Results: keywords:"ready accounts"

  • H. R. 440 — To amend the Internal Revenue Code of 1986 to provide for Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts.
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    Status:Introduced in House
    Words:3,895

    H.R. 440, introduced in the House of Representatives, aims to amend the Internal Revenue Code to create Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. These accounts allow individuals to set aside money for home disaster mitigation and recovery expenses...

    Simple Explanation

    H.R. 440 wants to let people save money in special accounts for home disaster emergencies, and they won't have to pay taxes on it if they use it for fixing their homes after a disaster. They can save up to $4,500 each year, and the rules about this might change a little every year because of inflation, which means prices getting higher.

  • S. 5296 — To amend the Internal Revenue Code of 1986 to provide for Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts.
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    Status:Introduced in Senate
    Words:3,881

    S. 5296, titled the “READY Accounts Act,” aims to amend the Internal Revenue Code to establish Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. These accounts are designed to help individuals save money specifically for home disaster...

    Simple Explanation

    The READY Accounts Act is like a special piggy bank where people can save up to $4,500 a year for home repairs to protect their houses from storms or other natural disasters, and they can save money on their taxes by using this piggy bank. If they use the money for anything else, they have to pay extra taxes as a penalty.