Establish a mechanism to benefit taxpayers for establishing an emergency savings fund.

This petition proposes for the legislation of an act that would create a mechanism for employed or unemployed taxpayers to save financial resources and generate unearned revenue from such savings, on a tax deferred basis, wherein such savings shall only be withdrawn and expended for emergency purposes. Withdrawals and expenditures for emergency purposes shall be defined and prescribed under this Act, and shall only be withdrawn without a tax impact if such withdrawals are for emergency purposes. Withdrawals from this Emergency fund would first be reduced from any casualty or theft losses claimed upon the individual's tax return.