WASHINGTON , Feb. 4 -- The Oklahoma Republican Party issued the following news release: U.S. Sen. Jim Inhofe (R-Okla.) and U.S. Rep. Dennis Ross (FL-15) today introduced The Disaster Savings Accounts (DSA) Act of 2014 in their respective chambers. The DSA Act would establish a new tax-preferred savings account that homeowners can use specifically for the purpose of natural disaster mitigation and recovery. "Every year many Americans face unexpected financial tolls and personal losses from natural disasters, of which Oklahomans experienced some of the harshest last year when tornadoes devastated portions of our state," said Inhofe. "Whether it's a retirement or health savings account, Americans understand the importance of preparing and setting aside funds for the future and these accounts have long been incentivized with federal tax relief. The DSA Act is a common-sense solution to help mitigate the costly impacts of natural disasters by affording homeowners the opportunity to set aside $5,000 a year in a tax-preferred account for disaster prevention or revitalization. It empowers Americans to take their security into their own hands instead of waiting for an unknown period of time for government assistance or for a costly insurance premium to kick in. I'm proud to introduce the DSA Act with Congressman Ross to give those in disaster-prone areas better means to prepare for catastrophic weather or begin the road to rebuilding." "Whether you live in the western states of California , Texas , and Oklahoma , or reside farther east in a state like my home state of Florida , one common thread joins all of us and that's the unexpected risk posed to our families and communities when a natural disaster strikes," said Ross. "As Representatives elected by the people, my Senate and House colleagues and I have a duty and obligation to find proactive solutions that work for the people, which is why I'm happy to join with Senator Jim Inhofe of Oklahoma in introducing the Disaster Savings Accounts (DSA) Act of 2014. This legislation provides critical relief to Americans in disaster-prone states, allowing them to save pre-tax money for use toward disaster preparation and recovery expenses. Ultimately, this type of saving will reduce future federal costs to taxpayers since every dollar spent on mitigation can save up to four dollars in future disaster recovery spending. It's important that we incentivize Americans to build a safety net in the event of personal catastrophic losses from high-cost disasters like floods, hurricanes, and tornadoes. The DSA Act is a common-sense, proactive solution that will help keep families safe, their property protected and will give Americans more control of their money." The legislation would give homeowners the opportunity to contribute up to $5,000 a year to a tax-deductible savings account, with unused funds rolling over each year. The savings can be used to pay for home fortifications such as a safe room, wind resistant windows and doors, or elevating structures; or for recovery expenses to help fill the gap between insurance deductibles and other recovery funds. In the case of accessing the Disaster Savings Account funds for recovery expenses, the event must be a state or federally declared disaster with uninsured losses totaling at least $3,000 . The DSA Act has been endorsed by Lowe's Home Improvement, The Home Depot , FLASH ( Federal Alliance for Safe Homes ), Reinsurance Association of America , National Association of Home Builders , SmarterSafer.org , and The Nature Conservancy . CC AutoTriage4psi-140205-30VitinMar-4626272
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