The READY Accounts Act aims to establish a new savings account designed specifically for individuals to prepare for and recover from home disasters. By providing tax benefits for contributions to these accounts, the legislation encourages homeowners to save money for expenses related to disaster mitigation and recovery. The Act introduces the Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts, allowing individuals to deduct contributions from their taxable income, up to a maximum of $4,500 per year, with adjustments for inflation in subsequent years.