Insurance; deductions from taxable income for contributions by taxpayers to catastrophe savings accounts and interest earned on such accounts; provide

The committee report header was replaced with a formal committee substitute designation, indicating the bill has been revised by the House Ways and Means Committee.

The bill was moved from amending property insurance laws to amending income tax laws, changing the legal framework from Title 33 to Title 48.

The definition of catastrophic events was expanded to include earthquakes, floods, ice storms, and tornadoes, not just wind-related events.

New contribution limits were added for taxpayers with deductibles over $1,000 and for self-insured taxpayers, allowing up to $25,000 or $250,000 respectively.

New tax treatment rules were added, including deductions for contributions, tax-free interest, and income inclusion for withdrawals unless used for qualified expenses.

New provisions require the department to create rules and regulations to implement the program and address what happens when taxpayers die or over-contribute.