H.R.8657 - Emergency Savings Accounts Act of 2020116th Congress (2019-2020)
|Sponsor:||Rep. Cloud, Michael [R-TX-27] (Introduced 10/23/2020)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/23/2020 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.8657 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (10/23/2020)
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.