Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB500

Introduced
2/10/25  

Caption

CAREER Act of 2025 Comprehensive Addiction Recovery through Effective Employment and Reentry Act of 2025

Congress_id

119-S-500

Policy_area

Labor and Employment

Introduced_date

2025-02-10

Companion Bills

US SB891

Related Bipartisan Health Care Act Pandemic and All-Hazards Preparedness and Response Act SUPPORT for Patients and Communities Reauthorization Act of 2025

US HB2483

Related SUPPORT for Patients and Communities Reauthorization Act of 2025

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IA HSB104

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US HB440

READY Accounts ActThis bill establishes a new Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) account, allows individuals to make tax-deductible contributions of up to $4,500 per year to such accounts (adjusted annually for inflation), and allows individuals to take tax-free distributions from such accounts to pay for qualified home disaster mitigation and recovery expenses related to a principal residence owned by the taxpayer.Under the bill, qualified home disaster mitigation expenses include expenses certified by a qualified industry professional as meeting criteria to mitigate damage from a natural or other disaster, includinginstalling a roofing underlayment to sheathing, impact-resistant windows, impact-resistant entry doors, or ground anchors;replacing a roof covering;applying a foam adhesive to reinforce the roof structure;strengthening the connection of the roof deck to roof framing, roof-to-wall connections, soffits, or attic ventilation openings;elevating a residence; orachieving the current building code standard.Qualified home disaster recovery expenses include costs for repairing damage to a residence resulting from fire, storm, or other casualty (provided such costs are not reimbursed).Distributions from a READY account used for anything other than qualified home disaster mitigation and recovery expenses must be included in gross income and are subject to a 20% penalty. (Some exceptions apply.)Finally, the bill imposes a 6% tax on contributions in excess of the annual limit. (Some exceptions apply.)