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Committee advances catastrophic savings-account tax deduction for homeowners
2482322 · March 3, 2025
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Summary
HB511 would allow homeowners to designate catastrophic savings accounts and reduce taxable income for amounts set aside; the committee noted limits tied to insurance deductibles and higher uncapped amounts for uninsured owners.
The committee advanced HB511, a model-based bill from the National Council of Insurance Legislators that allows homeowners to designate funds in a catastrophic savings account (CSA) and reduce taxable income by specified amounts when an account is used to cover disaster-related losses.
Representative…
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