Establishes catastrophe savings accounts as a tax-free account to allow homeowners to save money to cover qualified catastrophe expenses.

New York S07264 establishes catastrophe savings accounts as a tax-free account for homeowners to save money to cover qualified catastrophe expenses. These accounts are exempt from attachment, levy, garnishment, or legal process in the state. Contributions are limited based on the homeowner's insurance deductible, with a maximum of $15,000 or twice the deductible, whichever is less. Distributions from these accounts are tax-free if used for qualified catastrophe expenses. If a taxpayer contributes more than the allowed limit, the excess must be withdrawn and included in income.

Establishes catastrophe savings accounts as a tax-free account to allow homeowners to save money to cover qualified catastrophe expenses.

New York S07264 establishes catastrophe savings accounts as a tax-free account for homeowners to save money to cover qualified catastrophe expenses. These accounts are exempt from attachment, levy, garnishment, or legal process in the state. Contributions are limited based on the homeowner's insurance deductible, with a maximum of $15,000 or twice the deductible, whichever is less. Distributions from these accounts are tax-free if used for qualified catastrophe expenses. If a taxpayer contributes more than the allowed limit, the excess must be withdrawn and included in income.