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Committee advances Calderon bill to create catastrophe savings accounts for homeowners
Summary
AB 1726 would allow homeowners to create pretax catastrophe savings accounts for wildfire, flood and earthquake recovery expenses, with tax‑exempt interest and qualified uses including home hardening and deductibles; the insurance department and industry groups supported the measure.
The Assembly Banking and Finance Committee voted to send Assemblymember Calderon’s AB 1726 to the Committee on Revenue and Taxation after testimony from state insurance officials and industry supporters.
Calderon said the bill would let homeowners establish state income‑free (pretax) catastrophe savings accounts similar to health savings accounts to cover qualified disaster expenses including home hardening,…
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