As the 2025 hurricane season has begun, Senator Rick Scott (R-FL) reintroduced the Residential Emergency Asset Accumulation Deferred Taxation Yield (READY) Account Act on Thursday, an initiative designed to empower Americans with tax-free savings for natural disaster preparedness and recovery. Congresswoman Laurel Lee (R-FL) is spearheading the companion legislation in the House of Representatives.

The READY Account Act proposes the creation of specialized tax-free savings accounts, similar to Health Savings Accounts (HSAs), which would allow taxpayers to set aside funds specifically for home mitigation and disaster recovery expenses.

These accounts would offer a “triple tax benefit,” meaning contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified expenses

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