Summary: H.R.1787 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.1787. Bill summaries are authored by CRS.

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Introduced in House (03/29/2007)

Catastrophe Savings Accounts Act of 2007 - Amends the Internal Revenue Code to create tax-exempt catastrophe savings accounts (CSAs). Allows tax-free distributions from CSAs to pay expenses resulting from a presidentially declared major disaster. Limits CSA balances to: (1) $2,000 (for individuals with homeowner insurance deductibles of not more than $1,000); and (2) the lesser of $15,000 or twice a homeowner's insurance deductible (for individuals with deductibles of more than $1,000).