READY Accounts Act

This bill creates a new type of tax-advantaged savings account called a READY account. People can put up to $4,500 per year into these accounts and deduct that money from their taxes. The money in the account can be withdrawn tax-free to pay for home improvements that protect against disasters (like stronger windows or roof repairs) or to repair damage from fires, storms, or other disasters. If someone uses the money for other purposes, they must pay taxes on it plus a 20% penalty.

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