Emergency Savings Accounts Act of 2020

United States116th CongressHR-8657House of Representatives
Updated: Oct 23, 2020

Summary

Emergency Savings Accounts Act of 2020 This bill allows an individual taxpayer occupying a residence a deduction from gross income for up to $5,000 of amounts paid into such taxpayer's emergency savings account. The bill defines emergency savings account as an account established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster mitigation expenses, disaster recovery expenses, public health emergency expenses, and unemployment-related expenses.

Bill texts

Available versions
Introduced (House)View official text

1 version available

All available records shown.

Timeline

  1. Introduced in House

  2. Referred to the House Committee on Ways and Means.

    House of Representatives

All available records shown.