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.