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Committee advances Calderon bill to create catastrophe savings accounts for homeowners
Summary
The Assembly Banking and Finance Committee voted to refer AB 232, sponsored by the Department of Insurance, to the Committee on Revenue and Taxation. The bill would authorize tax-advantaged catastrophe savings accounts for Californians to pay qualified disaster-related expenses, including insurance deductibles and uninsured losses.
The Assembly Banking and Finance Committee on an administrative day voted to do pass AB 232 (Calderon) and referred the bill to the Committee on Revenue and Taxation, with an 8-0 recorded vote.
AB 232 would authorize Californians to establish tax-preferred “catastrophe savings accounts” to pay qualified catastrophe expenses such as insurance deductibles and uninsured property losses. The bill is sponsored by the California Department of…
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