Memorializes Congress to pass legislation allowing taxpayers to establish tax-advantaged catastrophe savings accounts for disaster-related expenses.
Louisiana HR369 memorializes the U.S. Congress to pass legislation enabling taxpayers to establish tax-advantaged catastrophe savings accounts for disaster-related expenses. These accounts, similar to health savings accounts, would allow limited tax-deductible contributions to cover insurance deductibles and uninsured losses from floods, hurricanes, or catastrophic windstorms. Funds withdrawn for qualified catastrophe expenses would be tax-free, while withdrawals for other purposes would be taxed as income.
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