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First hearing: bill would let homeowners set aside tax-preferred 'catastrophic savings' for disaster deductibles
Summary
Representative Lumsden presented a model-based bill to let homeowners create state-tax-preferred catastrophic savings accounts for future disaster deductibles; legislators asked about account mechanics, rollover, inheritance and links to federal treatment.
Representative Lumsden introduced House Bill 511, a model piece of legislation from the National Conference of Insurance Legislators (NCOIL) that would allow individual homeowners to reduce their Georgia taxable income by contributions to a designated "catastrophic savings account" used to cover an insurance deductible after a declared catastrophic event.
Under the draft language discussed in committee, qualifying homeowners…
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