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Emergency Savings Accounts Act of 2023

12/15/2023, 3:53 PM

Summary of Bill HR 312

Bill 118 HR 312, also known as the Emergency Savings Accounts Act of 2023, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish tax-advantaged savings accounts for individuals to use in case of emergencies.

Under this bill, individuals would be able to contribute up to a certain amount of money each year to their emergency savings account, and these contributions would be tax-deductible. The funds in these accounts could be used for a variety of emergency expenses, such as medical bills, car repairs, or unexpected home repairs.

The bill also includes provisions for employers to offer payroll deductions for employees to contribute to their emergency savings accounts. Additionally, the bill aims to increase financial literacy by requiring educational materials to be provided to account holders. Overall, the Emergency Savings Accounts Act of 2023 seeks to encourage individuals to save for unexpected expenses and provide them with a tax-advantaged way to do so. It is intended to help individuals better prepare for financial emergencies and reduce the need for reliance on government assistance programs.

Congressional Summary of HR 312

Emergency Savings Accounts Act of 2023

This bill allows an individual taxpayer occupying a residence a deduction from gross income for up to $5,000 of amounts paid into such taxpayer's emergency savings account. The bill defines emergency savings account as an account established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary.

The bill defines qualified disaster and public health emergency expenses as disaster mitigation expenses, disaster recovery expenses, public health emergency expenses, and unemployment-related expenses.

Read the Full Bill

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Current Status of Bill HR 312

Bill HR 312 is currently in the status of Bill Introduced since January 12, 2023. Bill HR 312 was introduced during Congress 118 and was introduced to the House on January 12, 2023.  Bill HR 312's most recent activity was Referred to the House Committee on Ways and Means. as of January 12, 2023

Bipartisan Support of Bill HR 312

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 312

Primary Policy Focus

Taxation

Potential Impact Areas

- Bank accounts, deposits, capital
- Child care and development
- Disaster relief and insurance
- Emergency medical services and trauma care
- Health care costs and insurance
- Housing finance and home ownership
- Income tax deductions
- Income tax exclusion
- Infectious and parasitic diseases
- Inflation and prices
- Landlord and tenant
- Property tax
- Public utilities and utility rates
- Unemployment

Alternate Title(s) of Bill HR 312

Emergency Savings Accounts Act of 2023
Emergency Savings Accounts Act of 2023
To amend the Internal Revenue Code of 1986 to provide emergency savings accounts for individuals.

Comments

Sponsors and Cosponsors of HR 312

Michael Cloud
Michael Cloud
TexasRepublican

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