Senator Rick Scott (R-FL) has announced the Residential Emergency Asset Accumulation Deferred Taxation Yield (READY) Account Act, a bill designed to “create a tax-free savings vehicle for home mitigation and disaster response costs.” This allows citizens to create a tax-free account (similar to a Health Savings Account [HSA]) for 12 different mitigation measures used by the Federal Emergency Management Agency (FEMA).
These mitigation measures include strengthening your roof, installing impact-resistant windows and doors, and elevating your house or establishing a floodwall, among other means. This legislation is endorsed by the State of Florida Chief Financial Officer, Jimmy Patronis.
After Hurricanes Helene and Milton hit the Sunshine State hard, Sen. Scott believes his bill could improve the lives of Floridians and their finances.
“Floridians know that during Hurricane Season preparedness saves lives, and being ready for storms can also help save your home from catastrophic damage,” said Sen. Scott. “While I continue to fight every day to make sure FEMA is showing up for Florida families and getting them all of the federal assistance available for them to recover, there is more [that] can be done to make sure Floridians are able to take personal action that protects their home and makes recovery from the next storm less burdensome.”
Moreover, the Florida senator added that the READY Act would grant homeowners a “triple tax advantage” following natural disasters such as hurricanes and would build upon his My Safe Florida Home program.
Also, Sen. Scott called upon his colleagues in the upper chamber to support the bill so that Floridians and Americans alike can reap the benefits of this potential program.
“We know that there is a significant return on investment for families that take action to strengthen their homes and protect against hurricane damage, including a reduction in insurance costs, and the READY Account Act will make it easier to save for mitigation and recovery projects through a tax-free account. I urge my colleagues to support this good bill that helps families across the country establish tax-free disaster savings accounts and be better prepared for hurricanes and other natural disasters,” concluded Scott.
Furthermore, CFO Patronis thanked Scott for the legislation and said that this program is proof of Florida “leading the way” for America.
“I want to thank Senator Scott for building on our policy proposal to accomplish tax savings for homeowners that only the federal government can. READY accounts leverage the federal tax code to give homeowners a triple tax advantage when saving up funds to harden their homes against storms,” said CFO Patronis. “Upgrading a home to the latest building codes saves $11 for every $1 invested and we’ve had great success with the My Safe Florida Home Program in reducing insurance costs. Florida is once again leading the way so that all Americans can benefit from lower insurance bills and fewer headaches the next time mother nature throws you a curveball.”
Sen. Scott is attempting to retain his seat in the upper chamber. He is running against former Congresswoman Debbie Mucarsel-Powell (D-FL).
