WASHINGTON, D.C. – Today, Senator Rick Scott reintroduced the Residential Emergency Asset Accumulation Deferred Taxation Yield (READY) Account Act to help Americans better prepare for natural disasters. The READY Account Act allows taxpayers to establish a tax-free savings account specifically for home mitigation and disaster recovery expenses and would function much like a Health Savings Account, allowing taxpayers to set aside funds for disaster preparedness. These accounts could be used for mitigation efforts including securing roof structures, installing storm-resistant windows and doors, and more to help Floridians prepare and safeguard their homes for severe weather. Congresswoman Laurel Lee is leading the companion legislation in the House of Representatives.

This legislation comes at the start of the 2025 hurricane season. Last week, Senator Scott traveled the state on a Hurricane Preparedness Tour to urge Floridians to take the necessary precautions to prepare for potential severe weather and ensure that all residents have the resources they need to prepare for, respond to, and recover from natural disasters. As part of the tour, Senator Scott visited Naples, Miami, Clearwater, Sanford, and Pensacola.

Senator Rick Scott said, “In Florida, we understand that being ready and prepared for hurricane season is critical, not just to protect lives, but also to minimize damage to homes. The READY Act will take an important step to equip families with all the tools they need to prepare and safeguard their homes in advance, so they can focus on themselves and their families when weather approaches. This bill would provide homeowners with a triple tax benefit when saving for disaster preparedness and recovery, which is a huge help to families in the face of natural disasters and gives families an incentive to invest in proactive measures that can lower insurance costs and protect their property. I’m glad to team up with Congresswoman Laurel Lee on this effort, and look forward to its passage so we can provide tax-free disaster savings accounts.”

Congresswoman Laurel Lee said, “In the midst of devastating California wildfires and after catastrophic hurricanes in Florida, the American people have seen the terrible destruction caused by severe weather events and how critical it is to prepare before disaster strikes. I am proud to introduce the READY Account Act to help American families invest in resilience and to mitigate the costs of disaster recovery projects. This bill will create a tax-free savings account for investing in storm mitigation home improvements and disaster response costs, similar to a Health Savings Account. I always encourage my constituents to prepare before a disaster strikes, and a READY account will make it easier for families to strengthen their homes against damage from a storm or natural disaster.”

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