S. 1484 · 111th Congress

Catastrophe Savings Accounts Act of 2009

Stage
In committee
Introduced
2009-07-21
Latest action
2009-07-21 · Introduced in Senate

Summary

Catastrophe Savings Accounts Act of 2009 - 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).