3.0.0 440 2026-02-10T09:05:23Z 2026-02-10T09:05:23Z House H HR 2025-01-15 119 https://www.congress.gov/bill/119th-congress/house-bill/440 <pre>[Congressional Record Volume 171, Number 8 (Wednesday, January 15, 2025)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Ms. LEE of Florida:H.R. 440.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8[Page H186]</pre> hswm00 Ways and Means Committee House Standing Referred To 2025-01-15T15:02:10Z 119 1940 S 2025-06-04 Read twice and referred to the Committee on Finance. Identical bill CRS 2025-01-15 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2025-01-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-01-15 Introduced in House IntroReferral 1000 9 Library of Congress L000597 Rep. Lee, Laurel M. [R-FL-15] Laurel Lee R FL M. 15 N M001217 Rep. Moskowitz, Jared [D-FL-23] Jared Moskowitz D FL 23 2025-01-15 True B001260 Rep. Buchanan, Vern [R-FL-16] Vern Buchanan R FL 16 2025-01-15 True F000472 Rep. Franklin, Scott [R-FL-18] Scott Franklin R FL 18 2025-01-15 True B001257 Rep. Bilirakis, Gus M. [R-FL-12] Gus Bilirakis R FL M. 12 2025-02-04 False M001232 Rep. McClain Delaney, April [D-MD-6] April McClain Delaney D MD 6 2025-06-24 False V000133 Rep. Van Drew, Jefferson [R-NJ-2] Jefferson Van Drew R NJ 2 2025-08-22 False P000622 Rep. Patronis, Jimmy [R-FL-1] Jimmy Patronis R FL 1 2025-11-20 False R000609 Rep. Rutherford, John H. [R-FL-5] John Rutherford R FL H. 5 2026-02-09 False Taxation Taxation 2025-02-15T14:42:28Z

00 2025-01-15 Introduced in House 2025-03-19T19:25:19Z <p><strong>READY Accounts Act</strong></p><p>This bill establishes a new Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) account, allows individuals to make tax-deductible contributions of up to $4,500 per year to such accounts (adjusted annually for inflation), and allows individuals to take tax-free distributions from such accounts to pay for qualified home disaster mitigation and recovery expenses related to a principal residence owned by the taxpayer.</p><p>Under the bill, qualified home disaster mitigation expenses include expenses certified by a qualified industry professional as meeting criteria to mitigate damage from a natural or other disaster, including</p><ul><li>installing a roofing underlayment to sheathing, impact-resistant windows, impact-resistant entry doors, or ground anchors;</li><li>replacing a roof covering;</li><li>applying a foam adhesive to reinforce the roof structure;</li><li>strengthening the connection of the&nbsp;roof deck to roof framing, roof-to-wall connections, soffits, or attic ventilation openings;</li><li>elevating a residence; or</li><li>achieving the current building code standard.</li></ul><p>Qualified home disaster recovery expenses include costs for&nbsp;repairing damage to a residence resulting from fire, storm, or other casualty (provided such costs are not reimbursed).</p><p>Distributions from a READY account used for anything other than qualified home disaster mitigation and recovery expenses must be included in gross income and are subject to a 20% penalty. (Some exceptions apply.)</p><p>Finally, the bill imposes a 6% tax on contributions in excess of the annual limit. (Some exceptions apply.)&nbsp;</p>

Display Title 45 2025-02-12T02:53:17Z Short Title(s) as Introduced 101 2025-02-12T02:53:16Z Introduced in House IH Official Title as Introduced 6 2025-02-12T02:48:21Z Introduced in House IH Introduced in House 2025-01-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr440ih/xml/BILLS-119hr440ih.xml 2025-01-15 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.