Ross Introduces Legislation to Protect Homeowners and Taxpayers
Bill Will Allow Individuals to Set Aside $5,000 in Tax-Free Accounts for Disaster Prevention
U.S. Rep. Dennis Ross (FL-15) introduced H.R. 3298, the Disaster Savings Accounts Act of 2013. This bill will allow individuals to set aside up to $5,000 annually in a tax-free account to use for disaster mitigation expenses.
“Natural disasters affect Floridians and Americans all across the country. While we don’t know very far in advance where or when exactly a disaster will strike, we can plan ahead for its arrival. Whether it’s a tornado, blizzard, earthquake, wildfire, or hurricane, people should have the ability to set aside some of their money each year for disaster mitigation to purchase items that increase the safety of their home, like cement-fortified walls, storm shutters, or generators. This legislation will incentivize people to plan ahead for their safety and reduce the need for taxpayer-funded government intervention in the event of a natural disaster.”