| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 440 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to provide for Residential |
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| 6 | 6 | | Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | JANUARY15, 2025 |
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| 9 | 9 | | Ms. L |
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| 10 | 10 | | EEof Florida (for herself, Mr. MOSKOWITZ, Mr. BUCHANAN, and Mr. |
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| 11 | 11 | | S |
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| 12 | 12 | | COTTFRANKLINof Florida) introduced the following bill; which was re- |
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| 13 | 13 | | ferred to the Committee on Ways and Means |
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| 14 | 14 | | A BILL |
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| 15 | 15 | | To amend the Internal Revenue Code of 1986 to provide |
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| 16 | 16 | | for Residential Emergency Asset-accumulation Deferred |
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| 17 | 17 | | Taxation Yield (READY) accounts. |
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| 18 | 18 | | Be it enacted by the Senate and House of Representa-1 |
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| 19 | 19 | | tives of the United States of America in Congress assembled, 2 |
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| 20 | 20 | | SECTION 1. SHORT TITLE. 3 |
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| 21 | 21 | | This Act may be cited as the ‘‘READY Accounts 4 |
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| 22 | 22 | | Act’’. 5 |
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| 23 | 23 | | SEC. 2. READY ACCOUNTS. 6 |
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| 24 | 24 | | (a) I |
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| 25 | 25 | | NGENERAL.—Part VII of subchapter B of chap-7 |
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| 26 | 26 | | ter 1 of the Internal Revenue Code of 1986 is amended 8 |
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| 28 | 28 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 29 | 29 | | •HR 440 IH |
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| 30 | 30 | | by redesignating section 224 as section 225 and by insert-1 |
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| 31 | 31 | | ing after section 223 the following new section: 2 |
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| 32 | 32 | | ‘‘SEC. 224. RESIDENTIAL EMERGENCY ASSET-ACCUMULA-3 |
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| 33 | 33 | | TION DEFERRED TAXATION YIELD (READY) 4 |
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| 34 | 34 | | ACCOUNTS. 5 |
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| 35 | 35 | | ‘‘(a) D |
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| 36 | 36 | | EDUCTIONALLOWED.—In the case of an indi-6 |
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| 37 | 37 | | vidual, there shall be allowed as a deduction for the tax-7 |
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| 38 | 38 | | able year an amount equal to the aggregate amount paid 8 |
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| 39 | 39 | | in cash during such taxable year by or on behalf of such 9 |
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| 40 | 40 | | individual to a Residential Emergency Asset-accumulation 10 |
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| 41 | 41 | | Deferred Taxation Yield (READY) account such indi-11 |
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| 42 | 42 | | vidual. 12 |
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| 43 | 43 | | ‘‘(b) L |
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| 44 | 44 | | IMITATION.— 13 |
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| 45 | 45 | | ‘‘(1) I |
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| 46 | 46 | | N GENERAL.—The amount allowable as a 14 |
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| 47 | 47 | | deduction under subsection (a) to an individual for 15 |
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| 48 | 48 | | the taxable year shall not exceed $4,500. 16 |
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| 49 | 49 | | ‘‘(2) I |
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| 50 | 50 | | NFLATION ADJUSTMENT .— 17 |
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| 51 | 51 | | ‘‘(A) I |
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| 52 | 52 | | N GENERAL.—In the case of any 18 |
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| 53 | 53 | | taxable year beginning in a calendar year after 19 |
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| 54 | 54 | | 2025, the $4,500 dollar amount under para-20 |
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| 55 | 55 | | graph (1) shall be increased by an amount 21 |
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| 56 | 56 | | equal to— 22 |
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| 57 | 57 | | ‘‘(i) such dollar amount, multiplied by 23 |
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| 58 | 58 | | ‘‘(ii) the cost-of-living adjustment de-24 |
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| 59 | 59 | | termined under section 1(f)(3) for the cal-25 |
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| 61 | 61 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 3 |
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| 62 | 62 | | •HR 440 IH |
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| 63 | 63 | | endar year in which the taxable year be-1 |
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| 64 | 64 | | gins, determined by substituting in sub-2 |
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| 65 | 65 | | paragraph (A)(ii) thereof ‘calendar year 3 |
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| 66 | 66 | | 2024’ for ‘calendar year 2016’. 4 |
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| 67 | 67 | | ‘‘(B) R |
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| 68 | 68 | | OUNDING.—If any amount as ad-5 |
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| 69 | 69 | | justed under paragraph (1) is not a multiple of 6 |
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| 70 | 70 | | $50, such dollar amount shall be rounded to the 7 |
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| 71 | 71 | | next lowest multiple of $50. 8 |
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| 72 | 72 | | ‘‘(c) R |
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| 73 | 73 | | ESIDENTIALEMERGENCYASSET-ACCUMULA-9 |
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| 74 | 74 | | TIONDEFERRED TAXATIONYIELD(READY) AC-10 |
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| 75 | 75 | | COUNT.—For purposes of this section— 11 |
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| 76 | 76 | | ‘‘(1) I |
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| 77 | 77 | | N GENERAL.—The term ‘Residential 12 |
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| 78 | 78 | | Emergency Asset-accumulation Deferred Taxation 13 |
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| 79 | 79 | | Yield (READY) account’ means a trust created or 14 |
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| 80 | 80 | | organized in the United States as a Residential 15 |
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| 81 | 81 | | Emergency Asset-accumulation Deferred Taxation 16 |
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| 82 | 82 | | Yield (READY) account exclusively for the purpose 17 |
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| 83 | 83 | | of paying the qualified home disaster mitigation and 18 |
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| 84 | 84 | | recovery expenses of the account beneficiary, but 19 |
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| 85 | 85 | | only if the written governing instrument creating the 20 |
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| 86 | 86 | | trust meets the following requirements: 21 |
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| 87 | 87 | | ‘‘(A) Except in the case of a rollover con-22 |
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| 88 | 88 | | tribution described in subsection (e)(5), no con-23 |
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| 89 | 89 | | tribution will be accepted— 24 |
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| 90 | 90 | | ‘‘(i) unless it is in cash, or 25 |
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| 92 | 92 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 4 |
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| 93 | 93 | | •HR 440 IH |
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| 94 | 94 | | ‘‘(ii) to the extent such contribution, 1 |
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| 95 | 95 | | when added to previous contributions to 2 |
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| 96 | 96 | | the trust for the calendar year, exceeds the 3 |
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| 97 | 97 | | dollar amount in effect under subsection 4 |
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| 98 | 98 | | (b)(1). 5 |
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| 99 | 99 | | ‘‘(B) The trustee is a bank (as defined in 6 |
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| 100 | 100 | | section 408(n)) or another person who dem-7 |
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| 101 | 101 | | onstrates to the satisfaction of the Secretary 8 |
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| 102 | 102 | | that the manner in which such person will ad-9 |
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| 103 | 103 | | minister the trust will be consistent with the re-10 |
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| 104 | 104 | | quirements of this section. 11 |
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| 105 | 105 | | ‘‘(C) No part of the trust assets will be in-12 |
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| 106 | 106 | | vested in life insurance contracts. 13 |
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| 107 | 107 | | ‘‘(D) The assets of the trust will not be 14 |
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| 108 | 108 | | commingled with other property except in a 15 |
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| 109 | 109 | | common trust fund or common investment 16 |
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| 110 | 110 | | fund. 17 |
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| 111 | 111 | | ‘‘(E) The interest of an individual in the 18 |
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| 112 | 112 | | balance in his account is nonforfeitable. 19 |
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| 113 | 113 | | ‘‘(2) Q |
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| 114 | 114 | | UALIFIED HOME DISASTER MITIGATION 20 |
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| 115 | 115 | | AND RECOVERY EXPENSES .— 21 |
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| 116 | 116 | | ‘‘(A) I |
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| 117 | 117 | | N GENERAL.—The term ‘qualified 22 |
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| 118 | 118 | | home disaster mitigation and recovery expenses’ 23 |
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| 119 | 119 | | means, with respect to an account beneficiary, 24 |
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| 120 | 120 | | amounts paid by such beneficiary for— 25 |
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| 122 | 122 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 5 |
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| 123 | 123 | | •HR 440 IH |
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| 124 | 124 | | ‘‘(i) qualified disaster mitigation 1 |
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| 125 | 125 | | measures, or 2 |
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| 126 | 126 | | ‘‘(ii) qualified disaster recovery costs, 3 |
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| 127 | 127 | | with respect to a qualified home of the tax-4 |
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| 128 | 128 | | payer. 5 |
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| 129 | 129 | | ‘‘(B) Q |
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| 130 | 130 | | UALIFIED DISASTER MITIGATION 6 |
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| 131 | 131 | | MEASURES.—For purposes of subparagraph 7 |
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| 132 | 132 | | (A)— 8 |
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| 133 | 133 | | ‘‘(i) I |
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| 134 | 134 | | N GENERAL.—The term ‘quali-9 |
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| 135 | 135 | | fied disaster mitigation measures’ means 10 |
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| 136 | 136 | | any measure described in clause (ii) with 11 |
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| 137 | 137 | | respect to a qualified home of the taxpayer 12 |
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| 138 | 138 | | if— 13 |
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| 139 | 139 | | ‘‘(I) such measure meets such 14 |
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| 140 | 140 | | criteria as the Secretary, in consulta-15 |
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| 141 | 141 | | tion with the Administrator of the 16 |
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| 142 | 142 | | Federal Emergency Management 17 |
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| 143 | 143 | | Agency, considers appropriate to miti-18 |
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| 144 | 144 | | gate damage from a natural or other 19 |
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| 145 | 145 | | disaster, and 20 |
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| 146 | 146 | | ‘‘(II) is certified by a qualified 21 |
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| 147 | 147 | | industry professional as meeting such 22 |
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| 148 | 148 | | criteria. 23 |
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| 150 | 150 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 6 |
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| 151 | 151 | | •HR 440 IH |
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| 152 | 152 | | ‘‘(ii) MITIGATION MEASURES .—The 1 |
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| 153 | 153 | | following measures are measures described 2 |
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| 154 | 154 | | in this clause: 3 |
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| 155 | 155 | | ‘‘(I) Installing a roofing 4 |
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| 156 | 156 | | underlayment to sheathing. 5 |
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| 157 | 157 | | ‘‘(II) Replacing a roof covering. 6 |
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| 158 | 158 | | ‘‘(III) Applying a foam adhesive 7 |
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| 159 | 159 | | to reinforce the roof structure. 8 |
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| 160 | 160 | | ‘‘(IV) Strengthening connection 9 |
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| 161 | 161 | | of roof deck to roof framing. 10 |
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| 162 | 162 | | ‘‘(V) Strengthening roof-to-wall 11 |
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| 163 | 163 | | connections. 12 |
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| 164 | 164 | | ‘‘(VI) Strengthening soffits. 13 |
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| 165 | 165 | | ‘‘(VII) Strengthening attic ven-14 |
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| 166 | 166 | | tilation openings. 15 |
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| 167 | 167 | | ‘‘(VIII) Installing impact-resist-16 |
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| 168 | 168 | | ant windows. 17 |
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| 169 | 169 | | ‘‘(IX) Installing impact-resistant 18 |
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| 170 | 170 | | entry doors. 19 |
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| 171 | 171 | | ‘‘(X) Elevating the residential 20 |
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| 172 | 172 | | home. 21 |
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| 173 | 173 | | ‘‘(XI) Installing ground anchors. 22 |
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| 174 | 174 | | ‘‘(XII) If the qualified home was 23 |
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| 175 | 175 | | built according to a building code 24 |
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| 176 | 176 | | from a prior year, achieving the cur-25 |
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| 178 | 178 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 7 |
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| 179 | 179 | | •HR 440 IH |
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| 180 | 180 | | rent building code standard in the ap-1 |
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| 181 | 181 | | plicable State or locality. 2 |
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| 182 | 182 | | ‘‘(XIII) Such other measures de-3 |
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| 183 | 183 | | termined by the Secretary, in con-4 |
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| 184 | 184 | | sultation with the Administrator of 5 |
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| 185 | 185 | | the Federal Emergency Management 6 |
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| 186 | 186 | | Agency, to be consistent with the pur-7 |
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| 187 | 187 | | poses of this section. 8 |
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| 188 | 188 | | ‘‘(iii) Q |
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| 189 | 189 | | UALIFIED INDUSTRY PROFES -9 |
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| 190 | 190 | | SIONAL.—The term ‘qualified industry pro-10 |
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| 191 | 191 | | fessional’ means an individual who meets 11 |
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| 192 | 192 | | such rules and standards as determined 12 |
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| 193 | 193 | | appropriate by the Secretary, in consulta-13 |
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| 194 | 194 | | tion with the Administrator of the Federal 14 |
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| 195 | 195 | | Emergency Management Agency. 15 |
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| 196 | 196 | | ‘‘(C) Q |
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| 197 | 197 | | UALIFIED DISASTER RECOVERY 16 |
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| 198 | 198 | | COSTS.—For purposes of subparagraph (A), the 17 |
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| 199 | 199 | | term ‘qualified disaster recovery costs’ means 18 |
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| 200 | 200 | | costs for repairing damage to the qualified 19 |
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| 201 | 201 | | home of the taxpayer if such damage arises 20 |
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| 202 | 202 | | from fire, storm, or other casualty and such 21 |
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| 203 | 203 | | costs are not compensated for by insurance or 22 |
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| 204 | 204 | | otherwise. 23 |
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| 205 | 205 | | ‘‘(D) Q |
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| 206 | 206 | | UALIFIED HOME.—For purposes of 24 |
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| 207 | 207 | | this section, the term ‘qualified home’ means, 25 |
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| 209 | 209 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 8 |
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| 210 | 210 | | •HR 440 IH |
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| 211 | 211 | | with respect to any taxable year, any structure 1 |
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| 212 | 212 | | which is— 2 |
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| 213 | 213 | | ‘‘(i) owned by the taxpayer, and 3 |
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| 214 | 214 | | ‘‘(ii) used by the taxpayer as the tax-4 |
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| 215 | 215 | | payer’s principal residence (within the 5 |
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| 216 | 216 | | meaning of section 121) for the taxable 6 |
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| 217 | 217 | | year. 7 |
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| 218 | 218 | | ‘‘(3) A |
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| 219 | 219 | | CCOUNT BENEFICIARY .—The term ‘ac-8 |
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| 220 | 220 | | count beneficiary’ means the individual on whose be-9 |
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| 221 | 221 | | half the Residential Emergency Asset-accumulation 10 |
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| 222 | 222 | | Deferred Taxation Yield (READY) account was es-11 |
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| 223 | 223 | | tablished. 12 |
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| 224 | 224 | | ‘‘(4) C |
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| 225 | 225 | | ERTAIN RULES TO APPLY .—Rules similar 13 |
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| 226 | 226 | | to the following rules shall apply for purposes of this 14 |
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| 227 | 227 | | section: 15 |
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| 228 | 228 | | ‘‘(A) Section 219(d)(2) (relating to no de-16 |
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| 229 | 229 | | duction for rollovers). 17 |
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| 230 | 230 | | ‘‘(B) Section 219(f)(3) (relating to time 18 |
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| 231 | 231 | | when contributions deemed made). 19 |
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| 232 | 232 | | ‘‘(C) Section 219(f)(5) (relating to em-20 |
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| 233 | 233 | | ployer payments). 21 |
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| 234 | 234 | | ‘‘(D) Section 408(g) (relating to commu-22 |
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| 235 | 235 | | nity property laws). 23 |
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| 236 | 236 | | ‘‘(E) Section 408(h) (relating to custodial 24 |
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| 237 | 237 | | accounts). 25 |
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| 239 | 239 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 9 |
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| 240 | 240 | | •HR 440 IH |
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| 241 | 241 | | ‘‘(d) TAXTREATMENT OFACCOUNTS.— 1 |
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| 242 | 242 | | ‘‘(1) I |
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| 243 | 243 | | N GENERAL.—A Residential Emergency 2 |
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| 244 | 244 | | Asset-accumulation Deferred Taxation Yield 3 |
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| 245 | 245 | | (READY) account is exempt from taxation under 4 |
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| 246 | 246 | | this subtitle unless such account has ceased to be a 5 |
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| 247 | 247 | | Residential Emergency Asset-accumulation Deferred 6 |
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| 248 | 248 | | Taxation Yield (READY) account. Notwithstanding 7 |
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| 249 | 249 | | the preceding sentence, any such account is subject 8 |
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| 250 | 250 | | to the taxes imposed by section 511 (relating to im-9 |
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| 251 | 251 | | position of tax on unrelated business income of char-10 |
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| 252 | 252 | | itable, etc. organizations). 11 |
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| 253 | 253 | | ‘‘(2) A |
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| 254 | 254 | | CCOUNT TERMINATIONS .—Rules similar 12 |
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| 255 | 255 | | to the rules of paragraphs (2) and (4) of section 13 |
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| 256 | 256 | | 408(e) shall apply to Residential Emergency Asset- 14 |
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| 257 | 257 | | accumulation Deferred Taxation Yield (READY) ac-15 |
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| 258 | 258 | | counts, and any amount treated as distributed under 16 |
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| 259 | 259 | | such rules shall be treated as not used to pay quali-17 |
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| 260 | 260 | | fied home disaster mitigation and recovery expenses. 18 |
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| 261 | 261 | | ‘‘(e) T |
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| 262 | 262 | | AXTREATMENT OFDISTRIBUTIONS.— 19 |
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| 263 | 263 | | ‘‘(1) A |
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| 264 | 264 | | MOUNTS USED FOR QUALIFIED HOME 20 |
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| 265 | 265 | | DISASTER MITIGATION AND RECOVERY EXPENSES .— 21 |
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| 266 | 266 | | Any amount paid or distributed out of a Residential 22 |
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| 267 | 267 | | Emergency Asset-accumulation Deferred Taxation 23 |
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| 268 | 268 | | Yield (READY) account which is used exclusively to 24 |
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| 269 | 269 | | pay qualified home disaster mitigation and recovery 25 |
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| 271 | 271 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 10 |
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| 272 | 272 | | •HR 440 IH |
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| 273 | 273 | | expenses of the account beneficiary shall not be in-1 |
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| 274 | 274 | | cludible in gross income. 2 |
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| 275 | 275 | | ‘‘(2) I |
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| 276 | 276 | | NCLUSION OF AMOUNTS NOT USED FOR 3 |
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| 277 | 277 | | QUALIFIED HOME DISASTER MITIGATION AND RE -4 |
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| 278 | 278 | | COVERY EXPENSES .—Any amount paid or distrib-5 |
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| 279 | 279 | | uted out of a Residential Emergency Asset-accumu-6 |
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| 280 | 280 | | lation Deferred Taxation Yield (READY) account 7 |
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| 281 | 281 | | which is not used exclusively to pay the qualified 8 |
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| 282 | 282 | | home disaster mitigation and recovery expenses of 9 |
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| 283 | 283 | | the account beneficiary shall be included in the gross 10 |
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| 284 | 284 | | income of such beneficiary. 11 |
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| 285 | 285 | | ‘‘(3) E |
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| 286 | 286 | | XCESS CONTRIBUTIONS RETURNED BE -12 |
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| 287 | 287 | | FORE DUE DATE OF RETURN .— 13 |
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| 288 | 288 | | ‘‘(A) I |
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| 289 | 289 | | N GENERAL.—If any excess con-14 |
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| 290 | 290 | | tribution is contributed for a taxable year to 15 |
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| 291 | 291 | | any Residential Emergency Asset-accumulation 16 |
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| 292 | 292 | | Deferred Taxation Yield (READY) account of 17 |
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| 293 | 293 | | an individual, paragraph (2) shall not apply to 18 |
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| 294 | 294 | | distributions from the Residential Emergency 19 |
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| 295 | 295 | | Asset-accumulation Deferred Taxation Yield 20 |
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| 296 | 296 | | (READY) accounts of such individual (to the 21 |
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| 297 | 297 | | extent such distributions do not exceed the ag-22 |
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| 298 | 298 | | gregate excess contributions to all such ac-23 |
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| 299 | 299 | | counts of such individual for such year) if— 24 |
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| 301 | 301 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 11 |
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| 302 | 302 | | •HR 440 IH |
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| 303 | 303 | | ‘‘(i) such distribution is received by 1 |
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| 304 | 304 | | the individual on or before the last day 2 |
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| 305 | 305 | | prescribed by law (including extensions of 3 |
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| 306 | 306 | | time) for filing such individual’s return for 4 |
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| 307 | 307 | | such taxable year, and 5 |
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| 308 | 308 | | ‘‘(ii) such distribution is accompanied 6 |
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| 309 | 309 | | by the amount of net income attributable 7 |
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| 310 | 310 | | to such excess contribution. 8 |
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| 311 | 311 | | Any net income described in clause (ii) shall be 9 |
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| 312 | 312 | | included in the gross income of the individual 10 |
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| 313 | 313 | | for the taxable year in which it is received. 11 |
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| 314 | 314 | | ‘‘(B) E |
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| 315 | 315 | | XCESS CONTRIBUTION .—For pur-12 |
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| 316 | 316 | | poses of subparagraph (A), the term ‘excess 13 |
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| 317 | 317 | | contribution’ means any contribution (other 14 |
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| 318 | 318 | | than a rollover contribution described in para-15 |
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| 319 | 319 | | graph (5)) which is not deductible under this 16 |
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| 320 | 320 | | section. 17 |
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| 321 | 321 | | ‘‘(4) A |
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| 322 | 322 | | DDITIONAL TAX ON DISTRIBUTIONS NOT 18 |
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| 323 | 323 | | USED FOR QUALIFIED HOME DISASTER MITIGATION 19 |
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| 324 | 324 | | AND RECOVERY EXPENSES .—The tax imposed by 20 |
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| 325 | 325 | | this chapter on the account beneficiary for any tax-21 |
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| 326 | 326 | | able year in which there is a payment or distribution 22 |
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| 327 | 327 | | from a Residential Emergency Asset-accumulation 23 |
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| 328 | 328 | | Deferred Taxation Yield (READY) account of such 24 |
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| 329 | 329 | | beneficiary which is includible in gross income under 25 |
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| 331 | 331 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 12 |
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| 332 | 332 | | •HR 440 IH |
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| 333 | 333 | | paragraph (2) shall be increased by 20 percent of 1 |
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| 334 | 334 | | the amount which is so includible. 2 |
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| 335 | 335 | | ‘‘(5) R |
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| 336 | 336 | | OLLOVER CONTRIBUTION .—An amount is 3 |
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| 337 | 337 | | described in this paragraph as a rollover contribu-4 |
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| 338 | 338 | | tion if it meets the requirements of subparagraphs 5 |
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| 339 | 339 | | (A) and (B). 6 |
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| 340 | 340 | | ‘‘(A) I |
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| 341 | 341 | | N GENERAL.—Paragraph (2) shall 7 |
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| 342 | 342 | | not apply to any amount paid or distributed 8 |
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| 343 | 343 | | from a Residential Emergency Asset-accumula-9 |
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| 344 | 344 | | tion Deferred Taxation Yield (READY) account 10 |
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| 345 | 345 | | to the account beneficiary to the extent the 11 |
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| 346 | 346 | | amount received is paid into a Residential 12 |
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| 347 | 347 | | Emergency Asset-accumulation Deferred Tax-13 |
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| 348 | 348 | | ation Yield (READY) account for the benefit of 14 |
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| 349 | 349 | | such beneficiary not later than the 60th day 15 |
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| 350 | 350 | | after the day on which the beneficiary receives 16 |
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| 351 | 351 | | the payment or distribution. 17 |
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| 352 | 352 | | ‘‘(B) L |
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| 353 | 353 | | IMITATION.—This paragraph shall 18 |
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| 354 | 354 | | not apply to any amount described in subpara-19 |
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| 355 | 355 | | graph (A) received by an individual from a Res-20 |
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| 356 | 356 | | idential Emergency Asset-accumulation De-21 |
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| 357 | 357 | | ferred Taxation Yield (READY) account if, at 22 |
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| 358 | 358 | | any time during the 1-year period ending on the 23 |
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| 359 | 359 | | day of such receipt, such individual received any 24 |
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| 360 | 360 | | other amount described in subparagraph (A) 25 |
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| 363 | 363 | | •HR 440 IH |
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| 364 | 364 | | from a Residential Emergency Asset-accumula-1 |
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| 365 | 365 | | tion Deferred Taxation Yield (READY) account 2 |
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| 366 | 366 | | which was not includible in the individual’s 3 |
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| 367 | 367 | | gross income because of the application of this 4 |
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| 368 | 368 | | paragraph. 5 |
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| 369 | 369 | | ‘‘(6) T |
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| 370 | 370 | | RANSFER OF ACCOUNT INCIDENT TO DI -6 |
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| 371 | 371 | | VORCE.—The transfer of an individual’s interest in 7 |
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| 372 | 372 | | a Residential Emergency Asset-accumulation De-8 |
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| 373 | 373 | | ferred Taxation Yield (READY) account to an indi-9 |
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| 374 | 374 | | vidual’s spouse or former spouse under a divorce or 10 |
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| 375 | 375 | | separation instrument described in clause (i) of sec-11 |
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| 376 | 376 | | tion 121(d)(3)(C) shall not be considered a taxable 12 |
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| 377 | 377 | | transfer made by such individual notwithstanding 13 |
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| 378 | 378 | | any other provision of this subtitle, and such interest 14 |
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| 379 | 379 | | shall, after such transfer, be treated as a Residential 15 |
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| 380 | 380 | | Emergency Asset-accumulation Deferred Taxation 16 |
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| 381 | 381 | | Yield (READY) account with respect to which such 17 |
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| 382 | 382 | | spouse is the account beneficiary. 18 |
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| 383 | 383 | | ‘‘(7) T |
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| 384 | 384 | | REATMENT AFTER DEATH OF ACCOUNT 19 |
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| 385 | 385 | | BENEFICIARY.— 20 |
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| 386 | 386 | | ‘‘(A) T |
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| 387 | 387 | | REATMENT IF DESIGNATED BENE -21 |
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| 388 | 388 | | FICIARY IS SPOUSE .—If the account bene-22 |
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| 389 | 389 | | ficiary’s surviving spouse acquires such bene-23 |
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| 390 | 390 | | ficiary’s interest in a Residential Emergency 24 |
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| 391 | 391 | | Asset-accumulation Deferred Taxation Yield 25 |
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| 394 | 394 | | •HR 440 IH |
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| 395 | 395 | | (READY) account by reason of being the des-1 |
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| 396 | 396 | | ignated beneficiary of such account at the death 2 |
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| 397 | 397 | | of the account beneficiary, such Residential 3 |
|---|
| 398 | 398 | | Emergency Asset-accumulation Deferred Tax-4 |
|---|
| 399 | 399 | | ation Yield (READY) account shall be treated 5 |
|---|
| 400 | 400 | | as if the spouse were the account beneficiary. 6 |
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| 401 | 401 | | ‘‘(B) O |
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| 402 | 402 | | THER CASES.—If, by reason of the 7 |
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| 403 | 403 | | death of the account beneficiary, any person ac-8 |
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| 404 | 404 | | quires the account beneficiary’s interest in a 9 |
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| 405 | 405 | | Residential Emergency Asset-accumulation De-10 |
|---|
| 406 | 406 | | ferred Taxation Yield (READY) account in a 11 |
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| 407 | 407 | | case to which subparagraph (A) does not 12 |
|---|
| 408 | 408 | | apply— 13 |
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| 409 | 409 | | ‘‘(i) such account shall cease to be a 14 |
|---|
| 410 | 410 | | Residential Emergency Asset-accumulation 15 |
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| 411 | 411 | | Deferred Taxation Yield (READY) ac-16 |
|---|
| 412 | 412 | | count as of the date of death, and 17 |
|---|
| 413 | 413 | | ‘‘(ii) an amount equal to the fair mar-18 |
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| 414 | 414 | | ket value of the assets in such account on 19 |
|---|
| 415 | 415 | | such date shall be includible if such person 20 |
|---|
| 416 | 416 | | is not the estate of such beneficiary, in 21 |
|---|
| 417 | 417 | | such person’s gross income for the taxable 22 |
|---|
| 418 | 418 | | year which includes such date, or if such 23 |
|---|
| 419 | 419 | | person is the estate of such beneficiary, in 24 |
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| 421 | 421 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 15 |
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| 422 | 422 | | •HR 440 IH |
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| 423 | 423 | | such beneficiary’s gross income for the last 1 |
|---|
| 424 | 424 | | taxable year of such beneficiary. 2 |
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| 425 | 425 | | ‘‘(f) R |
|---|
| 426 | 426 | | EPORTS.— 3 |
|---|
| 427 | 427 | | ‘‘(1) I |
|---|
| 428 | 428 | | N GENERAL.—The Secretary may require 4 |
|---|
| 429 | 429 | | the trustee of a Residential Emergency Asset-accu-5 |
|---|
| 430 | 430 | | mulation Deferred Taxation Yield (READY) account 6 |
|---|
| 431 | 431 | | to make such reports regarding such account to the 7 |
|---|
| 432 | 432 | | Secretary and to the account beneficiary with re-8 |
|---|
| 433 | 433 | | spect to contributions, distributions, the return of 9 |
|---|
| 434 | 434 | | excess contributions, and such other matters as the 10 |
|---|
| 435 | 435 | | Secretary determines appropriate. 11 |
|---|
| 436 | 436 | | ‘‘(2) T |
|---|
| 437 | 437 | | IME AND MANNER OF REPORTS .—The re-12 |
|---|
| 438 | 438 | | ports required by this subsection shall be filed at 13 |
|---|
| 439 | 439 | | such time and in such manner and furnished to such 14 |
|---|
| 440 | 440 | | individuals at such time and in such manner as may 15 |
|---|
| 441 | 441 | | be required by the Secretary. 16 |
|---|
| 442 | 442 | | ‘‘(g) R |
|---|
| 443 | 443 | | EGULATIONS.— The Secretary shall prescribe 17 |
|---|
| 444 | 444 | | such regulations as may be necessary or appropriate to 18 |
|---|
| 445 | 445 | | carry out the purposes of this section and to prevent the 19 |
|---|
| 446 | 446 | | abuse of such purposes.’’. 20 |
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| 447 | 447 | | (b) E |
|---|
| 448 | 448 | | XCESSCONTRIBUTIONS.— 21 |
|---|
| 449 | 449 | | (1) I |
|---|
| 450 | 450 | | N GENERAL.—Section 4973(a) of the In-22 |
|---|
| 451 | 451 | | ternal Revenue Code of 1986 is amended by striking 23 |
|---|
| 452 | 452 | | ‘‘or’’ at the end of paragraph (5), by inserting ‘‘or’’ 24 |
|---|
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| 454 | 454 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 16 |
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| 455 | 455 | | •HR 440 IH |
|---|
| 456 | 456 | | at the end of paragraph (6), and by inserting after 1 |
|---|
| 457 | 457 | | paragraph (6) the following new paragraph: 2 |
|---|
| 458 | 458 | | ‘‘(7) a Residential Emergency Asset-accumula-3 |
|---|
| 459 | 459 | | tion Deferred Taxation Yield (READY) account 4 |
|---|
| 460 | 460 | | (within the meaning of section 224),’’. 5 |
|---|
| 461 | 461 | | (2) E |
|---|
| 462 | 462 | | XCESS CONTRIBUTIONS .—Section 4973 of 6 |
|---|
| 463 | 463 | | such Code is amended by adding at the end the fol-7 |
|---|
| 464 | 464 | | lowing new subsection: 8 |
|---|
| 465 | 465 | | ‘‘(i) E |
|---|
| 466 | 466 | | XCESSCONTRIBUTIONS TO READY AC-9 |
|---|
| 467 | 467 | | COUNTS.— 10 |
|---|
| 468 | 468 | | ‘‘(1) I |
|---|
| 469 | 469 | | N GENERAL.—For purposes of this sec-11 |
|---|
| 470 | 470 | | tion, in the case of a Residential Emergency Asset- 12 |
|---|
| 471 | 471 | | accumulation Deferred Taxation Yield (READY) ac-13 |
|---|
| 472 | 472 | | count (within the meaning of section 224), the term 14 |
|---|
| 473 | 473 | | ‘excess contributions’ means the sum of— 15 |
|---|
| 474 | 474 | | ‘‘(A) the aggregate amount contributed for 16 |
|---|
| 475 | 475 | | the taxable year to such accounts (other than 17 |
|---|
| 476 | 476 | | rollover contributions described in section 18 |
|---|
| 477 | 477 | | 224(e)(5)) which is not allowed as a deduction 19 |
|---|
| 478 | 478 | | under section 224 fo such year, and, and 20 |
|---|
| 479 | 479 | | ‘‘(B) the amount determined under this 21 |
|---|
| 480 | 480 | | subsection for the preceding taxable year, re-22 |
|---|
| 481 | 481 | | duced by the sum of— 23 |
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| 483 | 483 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 17 |
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| 484 | 484 | | •HR 440 IH |
|---|
| 485 | 485 | | ‘‘(i) the distributions out of the ac-1 |
|---|
| 486 | 486 | | counts which were included in gross in-2 |
|---|
| 487 | 487 | | come under section 224(e)(2), and 3 |
|---|
| 488 | 488 | | ‘‘(ii) the excess (if any) of the max-4 |
|---|
| 489 | 489 | | imum amount allowed as a deduction 5 |
|---|
| 490 | 490 | | under section 224(b) for the taxable year 6 |
|---|
| 491 | 491 | | over the amount contributed to the ac-7 |
|---|
| 492 | 492 | | counts for the taxable year. 8 |
|---|
| 493 | 493 | | ‘‘(2) S |
|---|
| 494 | 494 | | PECIAL RULES.—For purposes of this 9 |
|---|
| 495 | 495 | | subsection, any contribution which is distributed out 10 |
|---|
| 496 | 496 | | of the Residential Emergency Asset-accumulation 11 |
|---|
| 497 | 497 | | Deferred Taxation Yield (READY) account in a dis-12 |
|---|
| 498 | 498 | | tribution to which section 223(e)(3) applies shall be 13 |
|---|
| 499 | 499 | | treated as an amount not contributed.’’. 14 |
|---|
| 500 | 500 | | (c) A |
|---|
| 501 | 501 | | PPLICATION OF PROHIBITEDTRANSACTION 15 |
|---|
| 502 | 502 | | R |
|---|
| 503 | 503 | | ULES.— 16 |
|---|
| 504 | 504 | | (1) I |
|---|
| 505 | 505 | | N GENERAL.—Section 4975(e)(1) of the 17 |
|---|
| 506 | 506 | | Internal Revenue Code of 1986 is amended by strik-18 |
|---|
| 507 | 507 | | ing ‘‘or’’ at the end of subparagraph (F), by redesig-19 |
|---|
| 508 | 508 | | nating subparagraph (G) as subparagraph (H), and 20 |
|---|
| 509 | 509 | | by inserting after subparagraph (F) the following 21 |
|---|
| 510 | 510 | | new subparagraph: 22 |
|---|
| 511 | 511 | | ‘‘(G) a Residential Emergency Asset-accu-23 |
|---|
| 512 | 512 | | mulation Deferred Taxation Yield (READY) ac-24 |
|---|
| 513 | 513 | | count described in section 224, or’’. 25 |
|---|
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| 515 | 515 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 18 |
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| 516 | 516 | | •HR 440 IH |
|---|
| 517 | 517 | | (2) SPECIAL RULE.—Section 4975(c) of such 1 |
|---|
| 518 | 518 | | Code is amended by adding at the end the following 2 |
|---|
| 519 | 519 | | new paragraph: 3 |
|---|
| 520 | 520 | | ‘‘(8) S |
|---|
| 521 | 521 | | PECIAL RULE FOR RESIDENTIAL EMER -4 |
|---|
| 522 | 522 | | GENCY ASSET-ACCUMULATION DEFERRED TAXATION 5 |
|---|
| 523 | 523 | | YIELD (READY) ACCOUNTS .—An individual for whose 6 |
|---|
| 524 | 524 | | benefit a Residential Emergency Asset-accumulation 7 |
|---|
| 525 | 525 | | Deferred Taxation Yield (READY) account (within 8 |
|---|
| 526 | 526 | | the meaning of section 224) is established shall be 9 |
|---|
| 527 | 527 | | exempt from the tax imposed by this section with re-10 |
|---|
| 528 | 528 | | spect to any transaction concerning such account 11 |
|---|
| 529 | 529 | | (which would otherwise be taxable under this sec-12 |
|---|
| 530 | 530 | | tion) if, with respect to such transaction, the ac-13 |
|---|
| 531 | 531 | | count ceases to be a Residential Emergency Asset- 14 |
|---|
| 532 | 532 | | accumulation Deferred Taxation Yield (READY) ac-15 |
|---|
| 533 | 533 | | count by reason of the application of section 16 |
|---|
| 534 | 534 | | 224(d)(2) to such account.’’. 17 |
|---|
| 535 | 535 | | (d) C |
|---|
| 536 | 536 | | ONFORMINGAMENDMENTS.— 18 |
|---|
| 537 | 537 | | (1) Section 26(b)(2) of the Internal Revenue 19 |
|---|
| 538 | 538 | | Code of 1986 is amended by striking ‘‘and’’ at the 20 |
|---|
| 539 | 539 | | end of subparagraph (Y), by striking the period at 21 |
|---|
| 540 | 540 | | the end of subparagraph (Z) and inserting ‘‘, and’’, 22 |
|---|
| 541 | 541 | | and by inserting after subparagraph (Y) the fol-23 |
|---|
| 542 | 542 | | lowing: 24 |
|---|
| 543 | 543 | | ‘‘(AA) section 224(e)(4).’’. 25 |
|---|
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| 545 | 545 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 19 |
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| 546 | 546 | | •HR 440 IH |
|---|
| 547 | 547 | | (2) Section 62(a) of such Code is amended by 1 |
|---|
| 548 | 548 | | inserting after paragraph (21) the following new 2 |
|---|
| 549 | 549 | | paragraph: 3 |
|---|
| 550 | 550 | | ‘‘(22) R |
|---|
| 551 | 551 | | ESIDENTIAL EMERGENCY ASSET -ACCU-4 |
|---|
| 552 | 552 | | MULATION DEFERRED TAXATION YIELD (READY) AC -5 |
|---|
| 553 | 553 | | COUNT.—The deduction allowed by section 224.’’. 6 |
|---|
| 554 | 554 | | (3) Section 165(h) of such Code is amended by 7 |
|---|
| 555 | 555 | | adding at the end the following new paragraph: 8 |
|---|
| 556 | 556 | | ‘‘(6) C |
|---|
| 557 | 557 | | OORDINATION WITH EXPENDITURES 9 |
|---|
| 558 | 558 | | FROM READY ACCOUNTS .—No deduction shall be al-10 |
|---|
| 559 | 559 | | lowed with respect to any loss described in sub-11 |
|---|
| 560 | 560 | | section (a)(3) to the extent the taxpayer has made 12 |
|---|
| 561 | 561 | | an expenditure from a Residential Emergency Asset- 13 |
|---|
| 562 | 562 | | accumulation Deferred Taxation Yield (READY) ac-14 |
|---|
| 563 | 563 | | count (as defined in section 224) which is taken into 15 |
|---|
| 564 | 564 | | account under section 224(c)(2)(C) as a cost with 16 |
|---|
| 565 | 565 | | respect to such loss.’’. 17 |
|---|
| 566 | 566 | | (4) Section 877A of such Code is amended— 18 |
|---|
| 567 | 567 | | (A) in subsection (e)(2) by inserting ‘‘a 19 |
|---|
| 568 | 568 | | Residential Emergency Asset-accumulation De-20 |
|---|
| 569 | 569 | | ferred Taxation Yield (READY) account (as de-21 |
|---|
| 570 | 570 | | fined in section 224),’’ after ‘‘a health savings 22 |
|---|
| 571 | 571 | | account (as defined in section 223),’’, and 23 |
|---|
| 572 | 572 | | (B) in subsection (g)(6) by inserting 24 |
|---|
| 573 | 573 | | ‘‘224(e)(4),’’ after ‘‘223(f)(4),’’. 25 |
|---|
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| 576 | 576 | | •HR 440 IH |
|---|
| 577 | 577 | | (5) Section 6693(a)(2) of such Code is amended 1 |
|---|
| 578 | 578 | | by striking ‘‘and’’ at the end of subparagraph (E), 2 |
|---|
| 579 | 579 | | by striking the period at the end of subparagraph 3 |
|---|
| 580 | 580 | | (F) and inserting ‘‘, and’’, and by inserting after 4 |
|---|
| 581 | 581 | | subparagraph (F) the following new subparagraph: 5 |
|---|
| 582 | 582 | | ‘‘(G) section 224(f) (relating to Residential 6 |
|---|
| 583 | 583 | | Emergency Asset-accumulation Deferred Tax-7 |
|---|
| 584 | 584 | | ation Yield (READY) accounts).’’. 8 |
|---|
| 585 | 585 | | (6) The table of sections for part VII of sub-9 |
|---|
| 586 | 586 | | chapter B of chapter 1 of such Code is amended re-10 |
|---|
| 587 | 587 | | designating the item relating to section 224 as relat-11 |
|---|
| 588 | 588 | | ing to section 225 and by inserting after the item 12 |
|---|
| 589 | 589 | | relating to section 223 the following new item: 13 |
|---|
| 590 | 590 | | ‘‘Sec. 224. Residential Emergency Asset-accumulation Deferred Taxation Yield |
|---|
| 591 | 591 | | (READY) accounts.’’. |
|---|
| 592 | 592 | | (e) EFFECTIVEDATE.—The amendments made by 14 |
|---|
| 593 | 593 | | this section shall apply to taxable years beginning after 15 |
|---|
| 594 | 594 | | December 31, 2024. 16 |
|---|
| 595 | 595 | | Æ |
|---|
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