Mississippi enacted a law years ago to encourage people to set aside money for natural disasters — and pay less taxes as a result.
Hardly anyone has done it.
The Mississippi Legislature tweaked its tax laws in 2015 to let residents open “catastrophe savings accounts.” Homeowners can deposit money into the accounts, which are exempt from state income taxes.
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Mississippi isn’t the only state with catastrophe accounts, which are similar to the much more widespread health savings accounts. Alabama and South Carolina have similar programs. And a national coalition of state lawmakers is gearing up to urge more states — and Congress — to pass similar legislation as climate change drives more frequent and destructive disasters.
