General Assembly Proposed Bill No. 5137
January Session, 2017 LCO No. 191
*00191*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
REP. SAMPSON, 80th Dist.
General Assembly
Proposed Bill No. 5137
January Session, 2017
LCO No. 191
*00191*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
REP. SAMPSON, 80th Dist.
AN ACT AUTHORIZING CATASTROPHE SAVINGS ACCOUNTS FOR HOMEOWNERS INSURANCE POLICYHOLDERS AND ESTABLISHING AN INCOME TAX DEDUCTION FOR HOMEOWNERS SUFFERING CERTAIN UNINSURED PROPERTY LOSSES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to authorize the establishment of Catastrophe Savings Accounts for homeowners insurance policyholders, provide for contributions to such accounts to be tax deductible for purposes of the personal income tax, and establish a tax deduction for expenses paid to reconstruct or repair the taxpayer's dwelling unit where such dwelling is substantially impaired by a faulty foundation, the impairment threatens the structural integrity of such dwelling and such expenses are not covered under a homeowners insurance policy.
Statement of Purpose:
To authorize the establishment of Catastrophe Savings Accounts and establish an income tax deduction for certain expenses not covered under a homeowners insurance policy.