Rhode Island legislation · 2026 Regular Session
Rhode Island H7504: AN ACT RELATING TO TAXATION -- CATASTROPHE SAVINGS ACCOUNTS ACT (Establishes the catastrophe savings account act.)
Status: Failed, May 7, 2026
What the bill says
From the introduced text, February 4, 2026:
2026 -- H 7504 ======== LC004493 ======== STATEOFRHODEISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 2026 ____________ ANACT RELATING TO TAXATION -- CATASTROPHE SAVINGS ACCOUNTS ACT Introduced By: Representatives Kennedy, Azzinaro, Fogarty, Tanzi, Carson, Cortvriend, Speakman, Craven, McEntee, and Edwards Date Introduced: February 04, 2026 Referred To: House Finance It is enacted by the General Assembly as follows: SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by adding thereto the following chapter: CHAPTER CATASTROPHE SAVINGS ACCOUNTS ACT 44-73-1. Short title. This chapter shall be known and may be cited as the "Catastrophe Savings Account Act." 44-73-2. Definitions. As used in this chapter: (1) "Catastrophe savings account" means a regular savings account or money market account established by a resident taxpayer to pay for qualified catastrophe expenses. (2) "Catastrophic event" means windstorms, cyclones, earthquakes, hurricanes, ice storms, tornadoes, high winds, floods, hail storms, and any other weather events or occurrences; provided that, such event or occurrence has been declared as a disaster or emergency by the governor. (3) "Qualified catastrophe expenses" and (ii) Expenses incurred in repairing or replacing damage to a taxpayer's primary residence as a result of a catastrophic event that are not covered by a homeowner's insurance policy. (4) "Qualified deductible" means the deductible for the homeowner's insurance policy of the taxpayer covering catastrophic …
Sponsors
- Brian Kennedy (D, HD-038) · primary sponsor
- Samuel Azzinaro (D)
- Kathleen Fogarty (D, HD-035)
- Teresa Tanzi (D, HD-034)
- Lauren Carson (D, HD-075)
- Terri-Denise Cortvriend (D, HD-072)
- June Speakman (D, HD-068)
- Robert Craven (D)
- Hagan McEntee, Carol (D, HD-033)
- John Edwards (D, HD-070)
Latest actions
- : Committee recommended measure be held for further study
- : Scheduled for hearing and/or consideration
- : Introduced, referred to House Finance
Subjects: TAXATION
Common questions
- What is H7504?
- H7504 is a bill in the Rhode Island Legislature (2026 Regular Session): AN ACT RELATING TO TAXATION -- CATASTROPHE SAVINGS ACCOUNTS ACT (Establishes the catastrophe savings account act.).
- What is the status of H7504?
- Failed as of May 7, 2026. Latest action: Committee recommended measure be held for further study (May 7, 2026).
- Who sponsored H7504?
- Brian Kennedy (D, HD-038), with 9 co-sponsors.
- Where is the official record for H7504?
- On the Rhode Island Legislature website: http://webserver.rilegislature.gov/BillText/BillText26/HouseText26/H7504.pdf
Source: official Rhode Island record. Tracked by Delilah, AI for legislation across all 50 states and Congress.