Revenue and taxation; creating the Inhofe Disaster Savings Account Act; income tax; effective date.

Summary

The bill lets individuals set up a specially‑labeled savings or money‑market account to save for hurricane, flood, tornado, hail or windstorm costs. Contributions are deductible from state taxable income, interest earned is tax‑free, and the account is protected from creditors. It also sets rules for how withdrawals are taxed and how the account passes on after death.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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