The READY Accounts Act aims to establish a new savings account designed specifically for homeowners to save for disaster-related expenses. Known as the Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) account, this initiative encourages individuals to prepare for and recover from disasters by offering tax benefits for contributions made to these accounts. Key features of the act include allowing individuals to deduct contributions to their READY accounts from their taxable income, with a cap of $4,500 per year, which will be adjusted for inflation.