S.1484 - Catastrophe Savings Accounts Act of 2009

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

All Bill Titles

  • Short: Catastrophe Savings Accounts Act of 2009 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to create Catastrophe Savings Accounts. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
07/21/09
 
 
 
 
 
 
 

Official Summary

Catastrophe Savings Accounts Act of 2009 - 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 2009 - 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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