H.R.2100 - Catastrophe Savings Accounts Act of 2011

To amend the Internal Revenue Code of 1986 to create Catastrophe Savings Accounts. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to create Catastrophe Savings Accounts. as introduced.
  • Short: Catastrophe Savings Accounts Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
06/02/11
 
 
 
 
 
 
 

Official Summary

Catastrophe Savings Accounts Act of 2011 - 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 indi

Official Summary

Catastrophe Savings Accounts Act of 2011 - 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).

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