arrow_back Trending Legislation
Share share

Tax Deductions for Emergency Savings Accounts

This act introduces a tax deduction for contributions to special emergency savings accounts, designed to cover expenses related to disasters, public health emergencies, or unemployment. This allows citizens to more easily build a financial safety net for unforeseen circumstances while reducing their income tax.
Key points
Allows a tax deduction of up to $5,000 annually for contributions to an emergency savings account.
Funds from the account can be used for qualified disaster expenses (e.g., home repairs, shelters), public health emergency expenses (e.g., childcare, healthcare costs, utilities), and unemployment-related expenses (up to $500 annually).
Withdrawals from the account for qualified expenses are not taxable, providing an additional financial benefit during difficult times.
Imposes penalties for withdrawals from the account for non-qualified purposes, ensuring funds are used as intended.
article Official text account_balance Process page notifications_active Track this Bill
gavel
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens (explained here). Start recording it now.
Additional Information
Emergency Savings Accounts Act of 2021
Print number: HR 1449
Sponsor: Rep. Cloud, Michael [R-TX-27]
Process start date: 2021-03-01
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch
Summary & Status

Key Questions about Tax Deductions for Emergency Savings Accounts

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 1449.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-01.

What are the main provisions?

Key points include:

  • Allows a tax deduction of up to $5,000 annually for contributions to an emergency savings account.
  • Funds from the account can be used for qualified disaster expenses (e.g., home repairs, shelters), public health emergency expenses (e.g., childcare, healthcare costs, utilities), and unemployment-related expenses (up to $500 annually).
  • Withdrawals from the account for qualified expenses are not taxable, providing an additional financial benefit during difficult times.
  • Imposes penalties for withdrawals from the account for non-qualified purposes, ensuring funds are used as intended.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Cloud, Michael [R-TX-27].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

Analysis and Potential Impact of HR 1449

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Taxes Benefits