Iowa HF622 establishes a catastrophic savings account for residents to save for qualified catastrophic expenses, with tax incentives.

Iowa HF622 creates a catastrophic savings account for residents to save for qualified catastrophic expenses, such as homeowner's insurance deductibles for events like windstorms or floods. The account can be opened with a financial institution and designated as a catastrophic savings account by April 30 of the year following its opening. Contributions can be made by any person, but account holders cannot establish more than one account. The account holder can designate a beneficiary, who can be the account holder themselves.

Iowa HF622 establishes a catastrophic savings account for residents to save for qualified catastrophic expenses, with tax incentives.

Iowa HF622 creates a catastrophic savings account for residents to save for qualified catastrophic expenses, such as homeowner's insurance deductibles for events like windstorms or floods. The account can be opened with a financial institution and designated as a catastrophic savings account by April 30 of the year following its opening. Contributions can be made by any person, but account holders cannot establish more than one account. The account holder can designate a beneficiary, who can be the account holder themselves.