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Senate Finance advances bill allowing catastrophic-savings accounts and state tax deductions for homeowners
Summary
HB 511 would permit homeowners to create designated catastrophic savings accounts with a state tax deduction tied to declared catastrophic events; committee passed the model-inspired measure by voice vote.
Representative Lumsden presented House Bill 511, legislation modeled on National Council of Insurance Legislators (NCOIL) proposals that would allow individual homeowners to create designated “catastrophic savings accounts” and reduce taxable income when funds are used for qualified catastrophic expenses after a governor-declared catastrophic event.
Lumsden said the accounts operate similarly to health savings accounts: taxpayers…
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