GA HB511

Creates tax-advantaged "catastrophe savings accounts" allowing Georgia residents to save for disaster-related expenses, with contributions deductible from state income tax and interest earned exempt from taxation

Limits contributions based on insurance deductible: $2,000 maximum for deductibles of $1,000 or less; twice the deductible amount up to $25,000 for higher deductibles; up to $250,000 for self-insured homeowners (capped at home's fair market value)

Covers qualified expenses including insurance deductibles and uninsured repair costs for primary residences damaged by Governor-declared disasters such as hurricanes, tornadoes, floods, earthquakes, and ice storms

Withdrawals used for qualified catastrophe expenses are tax-free; non-qualifying withdrawals are taxable income

Effective July 1, 2025, applicable to tax years beginning January 1, 2026