Establishes catastrophe savings accounts as a tax-free account for homeowners to save for catastrophe expenses.

New York A01436 creates catastrophe savings accounts, tax-free accounts for homeowners to save money for qualified catastrophe expenses. Contributions are tax-deductible, and interest earned is exempt from tax. Distributions are tax-free if used for qualified catastrophe expenses. The accounts are protected from attachment, levy, garnishment, or legal process. Contribution limits vary based on the individual's insurance deductible. Excess contributions must be withdrawn and taxed.

Establishes catastrophe savings accounts as a tax-free account for homeowners to save for catastrophe expenses.

New York A01436 creates catastrophe savings accounts, tax-free accounts for homeowners to save money for qualified catastrophe expenses. Contributions are tax-deductible, and interest earned is exempt from tax. Distributions are tax-free if used for qualified catastrophe expenses. The accounts are protected from attachment, levy, garnishment, or legal process. Contribution limits vary based on the individual's insurance deductible. Excess contributions must be withdrawn and taxed.