S. 3115 · 109th Congress
Catastrophe Savings Accounts Act of 2006
- Stage
- In committee
- Sponsor
- Bill Nelson
- Introduced
- 2006-05-25
- Latest action
- 2006-05-26 · Sponsor introductory remarks on measure.
Summary
Catastrophe Savings Accounts Act of 2006 - Amends the Internal Revenue Code to create tax-exempt catastrophe savings accounts (CSAs). Allows tax-free distributions from CSAs to pay expenses resulting from a presidentially declared major disaster. Limits CSA balances to: (1) $2,000 (for individuals with homeowner insurance deductibles of not more than $1,000); and (2) the lesser of $15,000 or twice a homeowner's insurance deductible (for individuals with deductibles of more than $1,000).