Disaster Savings Accounts Act of 2017
This bill amends the Internal Revenue Code to: (1) establish tax-exempt disaster savings accounts to pay the expenses of homeowners for disaster mitigation and recovery expenses, (2) allow a deduction from gross income (above-the-line deduction) of up to $5,000 (adjusted annually for inflation) in a taxable year for cash contributions to such accounts, (3) exclude from gross income distributions from such accounts to pay disaster mitigation and recovery expenses, and (4) set forth tax rules and penalties for excess contributions to disaster savings accounts and for failure to file required reports on such accounts.
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