WASHINGTON--Legislation creating catastrophic savings accounts, which would be comparable to Health Savings Accounts and would allow homeowners to put money aside tax-free to prepare for the financial impact of a major natural disaster, has been introduced in the House.
The legislation was introduced by two members of Congress from Florida, Democratic Rep. Debbie Wasserman Schultz and Republican Rep. Tom Feeney. It is similar to legislation introduced in the Senate several weeks ago by Florida's two senators, Sen. Bill Nelson, D, and Mel Martinez, R.
"Addressing disaster relief for Florida's families is a bipartisan issue, and I believe Catastrophe Savings Accounts are an excellent vehicle to empower homeowners and encourage personal responsibility and preparation," Rep. Feeney said.
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