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Committee hears bill to create pretax catastrophe savings accounts for homeowners
Summary
The Assembly Revenue and Taxation Committee heard Assembly Bill 232, which would let homeowners deposit pretax dollars into accounts to pay qualified disaster expenses; the measure was sent to the committee's suspense file for later action.
Assemblymember Calderon introduced Assembly Bill 232 on behalf of homeowners, saying the bill would allow California residents to set aside pretax dollars in a catastrophe savings account for wildfire, flood and earthquake expenses and that interest on those accounts would be tax exempt.
The measure would permit withdrawals for qualified expenses including home hardening and insurance deductibles after a wildfire, flood or earthquake declared a state of…
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