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Committee hears proposal to create tax-free catastrophe savings accounts for homeowners
Summary
AB 17 26 would allow California homeowners to create tax-advantaged catastrophe savings accounts to cover mitigation and recovery costs after wildfires, floods or earthquakes; the measure drew support from insurers and bankers and opposition from the California Teachers Association and was referred to the committee's suspense file.
The Assembly Committee on Revenue and Taxation heard testimony on AB 17 26, a bill presented as a tool to help homeowners save for disaster mitigation and recovery costs.
A witness supporting the measure said the accounts would let homeowners contribute pre-tax dollars at local banks or credit unions and that interest would be tax exempt. "This bill seeks to…
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